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 How will you show the following items in the Balance Sheet of a Company; (i) Calls in Arrears; (ii) Calls in Advance. September 30, 2022 A and B are partners sharing profits in the ratio of 3: 2 with capitals of Rs. 50,000 and Rs. 30,000 respectively. Interest on capital is agreed @ 6% p.a. B is to be allowed an annual salary of Rs. 2,500. During the year profit prior to interest on capital but after charging B’s salary amounted to Rs. 12,500. A provision of 5% of the profits is to be made in respect of Manager’s Commission. July 21, 2022 A, B and C were equal partners. On 31st March, 2019, their Balance Sheet stood as: July 26, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
How will you show the following items in the Balance Sheet of a Company; (i) Calls in Arrears; (ii) Calls in Advance. September 30, 2022
A and B are partners sharing profits in the ratio of 3: 2 with capitals of Rs. 50,000 and Rs. 30,000 respectively. Interest on capital is agreed @ 6% p.a. B is to be allowed an annual salary of Rs. 2,500. During the year profit prior to interest on capital but after charging B’s salary amounted to Rs. 12,500. A provision of 5% of the profits is to be made in respect of Manager’s Commission. July 21, 2022