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ILLUSTRATION 24 Fairdeal Ltd. has taken a Workmen's Compensation Policy on 1st October, 2014 at a premium of 2% on wages. Give the necessary journal

ILLUSTRATION 24 Fairdeal Ltd. has taken a Workmen's Compensation Policy on 1st October, 2014 at a premium of 2% on wages. Give the necessary journal entries on the basis of following particulars : (1) Wages from 1st October, 2013 to 30th September, 2014 (2) Wages from 1st October, 2014 to 31st March, 2015 (year end) (3) Wages from 1st April, 2015 to 30th September, 2015 (4) Claims received and settled during March, 2015 (5) Insurance Company reimbursed the claims in April, 2015

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