Write two items of debit side of Current Accounts. Post category:Accountancy Reading time:1 mins read SOLUTION (i) Drawings, (ii) Interest on Drawings. Please Share This Share this content Opens in a new window X Opens in a new window Facebook Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostWrite two items of credit side of Current Accounts. Next PostIf the partner’s capitals are fixed, where will you record interest on drawings and share of profit of a partner? You Might Also Like Kanha, Neeraj and Asha were partners in a firm. They admitted Raghav their landlord as a partner in the firm. Raghav brings sufficient amount of capital and goodwill premium for his share in the profits. Raghav had given a loan of Rs. 1,00.000 @ 10% p.a. interest in the partnership firm before he came the partner. Now the accountant of the firm is emphasising that the interest on loan should he paid @6% p.n. Is he right in doing so? Give reason in support of your answer. (C.B.S.E. 2015 Comptt.) September 26, 2022 X, Y and Z are partners in a firm sharing profits in 2: 2: 1 ratio. The fixed capitals of the partners were: X Rs.5,00,000; Y Rs. 5,00,000 and Z Rs. 2,50,000 respectively. The Partnership Deed provides that interest on capital is to be allowed @ 10% p.a. Z is to be allowed a salary of Rs. 2,000 per month. The profit of the firm for the year ended 31st March, 2018 after debiting Z’s salary was Rs. 4,00,000. Prepare Profit and Loss Appropriation Account. July 20, 2022 Give any two characteristics of debenture. September 29, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Kanha, Neeraj and Asha were partners in a firm. They admitted Raghav their landlord as a partner in the firm. Raghav brings sufficient amount of capital and goodwill premium for his share in the profits. Raghav had given a loan of Rs. 1,00.000 @ 10% p.a. interest in the partnership firm before he came the partner. Now the accountant of the firm is emphasising that the interest on loan should he paid @6% p.n. Is he right in doing so? Give reason in support of your answer. (C.B.S.E. 2015 Comptt.) September 26, 2022
X, Y and Z are partners in a firm sharing profits in 2: 2: 1 ratio. The fixed capitals of the partners were: X Rs.5,00,000; Y Rs. 5,00,000 and Z Rs. 2,50,000 respectively. The Partnership Deed provides that interest on capital is to be allowed @ 10% p.a. Z is to be allowed a salary of Rs. 2,000 per month. The profit of the firm for the year ended 31st March, 2018 after debiting Z’s salary was Rs. 4,00,000. Prepare Profit and Loss Appropriation Account. July 20, 2022
