Partnership accounts

662 views
User Avatar

Student
128 Points Posted on 28 January 2014

Hi All,

I have a doubt in Realization account. Is Workmen Compensation Reserve transferred to credit of Realization account? I have come across a sum where the same has not been transfered,whereas Machinery Replacement Reserve has been transfereed.

Is it because Workmen Compensation Reserve is not an outsiders liability? And what about Machinery Replacement Reserve?

Please help! I am learning by self study and need clarity on this matter.

0 Reply Share Follow Topic
On 28 January 2014 at 23:22 Report
Replies (6)
User Avatar

student
46 Points Posted on 29 January 2014
if no libiality arises on a/c of wcr dan it is trnsfrd to owners a/c but if any liab. hs arised dan amt upto liab. wud b trnsfrd to realz a/c n balance to ownres a/c
Reply
On 29 January 2014 at 01:23
User Avatar

student
185 Points Posted on 29 January 2014
yes agree with mr.mahesh
Reply
On 29 January 2014 at 15:49
User Avatar

CA Final Student B.Com
1362 Points Posted on 29 January 2014

Yeaa,,,,,,,agreed with Shubham........

Reply
On 29 January 2014 at 21:18
User Avatar

Student
128 Points Posted on 29 January 2014
This problem is from Dissolution of Partnership chapter of Advanced Accounts,IPCC.In that sum,all external liabilities such as creditors,Bills payable etc have been transferred to credit of Realization account but WCR has not been transferred. My question is why?
Reply
On 29 January 2014 at 23:50
User Avatar

Freelance
124 Points Posted on 30 January 2014
Because its not an outside liability. Rather it belongs to the owners ( shareholders)
Reply
On 30 January 2014 at 02:30
User Avatar

student
32 Points Posted on 30 January 2014
And what about machinery replacement reserve???
Reply
On 30 January 2014 at 06:20

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Clarification on September 2026 PF Calculation for
  2. DRC-03 interest paid under CGST/SGST instead of IG
  3. GSTR1 amendment Bulk bills
  4. Capital Gain on Sale of Gold
  5. GST SALES RETURN MISSING 2025-26 FY
  6. Enquiry on FAST-DS system generated email
  7. Capital gain on sale of agriculture land
  8. Demand from TRACES
  9. FY 2025-26 ITC CLAIM DUE DATE
  10. 96084000 and 48202000 HSN code ka Tax Rate kya hai

More recent discussions | Post

Related Topics :

Loading

Latest Job Openings

View all
Company
ARTICLESHIP 07 October 2026
Article assistant

S.K.Bajpai & Co.

Noida

B.Com

View Details
Company
10 October 2026
Accounts Associate Level 1

Abic and Mani Chartered Accountants

Kottayam

B.Com

View Details
Company
12 October 2026
Chartered Accountant - Internal Audit

HKC | Chartered Accountants & Business Advisors

Ludhiana

CA

View Details
Company
ARTICLESHIP 16 September 2026
Article Assistant

MANUJ SHARMA AND COMPANY

Noida

CA Inter

View Details
Company
18 September 2026
Accounts & Finance Specialist

ULTRA CHEMICAL WORKS

Thane

CA Final

View Details
Company
ARTICLESHIP 18 September 2026
Industrial Trainee

Twenty Point Nine Five Ventures Private Limited

Noida

CA Inter

View Details
Company
ARTICLESHIP 07 October 2026
Article Assistant

Malhotra Rajesh & Associates

New Delhi

B.Com

View Details
Company
ARTICLESHIP 01 October 2026
Articled Assistant

KPSN & Associates LLP

Chennai

CA Inter

View Details