If the partner’s capitals are fixed, where will you record interest on drawings and share of profit of a partner? Post category:Accountancy Reading time:1 mins read SOLUTION Interest on Drawings: On the Debit of Current Account. Share of Profit: On the Credit of Current Account. 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 debit side of Current Accounts. Next PostMention two items that may appear on the debit side of a Partner’s Fixed Capital Account. You Might Also Like Reema and Seema are partners. sharing profits equally. The Partnership Deed provides that both Reema and Seema will get monthly salary of Rs. 15,000 each, Interest on Capital will be allowed @ 5% p.a. and Interest on Drawings will be charged @ 10% p.a. Their capitals were Rs. 5,00,000 each and drawings during the year were Rs. 60,000 each. The firm incurred a loss of Rs. 1,00,000 during the year ended 31st March, 2018. Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2018. July 20, 2022 What is Current Ratio? October 1, 2022 At the time of retirement, how is the new profit-sharing ratio among the remaining partners calculated? (CBSE 2019 C) October 8, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Reema and Seema are partners. sharing profits equally. The Partnership Deed provides that both Reema and Seema will get monthly salary of Rs. 15,000 each, Interest on Capital will be allowed @ 5% p.a. and Interest on Drawings will be charged @ 10% p.a. Their capitals were Rs. 5,00,000 each and drawings during the year were Rs. 60,000 each. The firm incurred a loss of Rs. 1,00,000 during the year ended 31st March, 2018. Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2018. July 20, 2022
At the time of retirement, how is the new profit-sharing ratio among the remaining partners calculated? (CBSE 2019 C) October 8, 2022