Name the methods according to which partner’s capital accounts are maintained. Post category:Accountancy Reading time:1 mins read SOLUTION Fixed Capital Accounts and Fluctuating Capital Accounts. 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 PostIn case of fluctuating capitals, where will you record drawings and interest on drawings? Next PostWhen salary to partners, interest on capital, drawings, interest on drawings, Interest on Drawing etc. are recorded in capital accounts of partners, which method we are following to maintain the capital account? You Might Also Like Asgar, Chaman and Dholu are partners in a firm. Their Capital Accounts stood at Rs. 6,00,000; Rs. 5,00,000 and Rs. 4,00,000 respectively on 1st April, 2017. They shared Profits and Losses in the proportion of 4 : 2 : 3. Partners are entitled to interest on capital @ 8% per annum and salary to Chaman and Dholu @ Rs. 7,000 per month and Rs. 10,000 per quarter respectively as per the provision of the Partnership Deed. Dholu’s share of profit (excluding interest on capital but including salary) is guaranteed at a minimum of Rs. 1,10,000 p.a. Any deficiency arising on that account shall be met by Asgar. The profit for the year ended 31st March, 2018 amounted to Rs. 4,24,000. Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2018. July 22, 2022 P, Q and R were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. They agreed to dissolve their partnership firm on 31st March, 2019. P was deputed to realise the assets and pay the liabilities. He was paid Rs. 1,000 as commission for his services. The financial position of the firm was: July 26, 2022 If a fixed amount is withdrawn on the last day of every quarter, for what period the interest on total drawings will be calculated? September 26, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Asgar, Chaman and Dholu are partners in a firm. Their Capital Accounts stood at Rs. 6,00,000; Rs. 5,00,000 and Rs. 4,00,000 respectively on 1st April, 2017. They shared Profits and Losses in the proportion of 4 : 2 : 3. Partners are entitled to interest on capital @ 8% per annum and salary to Chaman and Dholu @ Rs. 7,000 per month and Rs. 10,000 per quarter respectively as per the provision of the Partnership Deed. Dholu’s share of profit (excluding interest on capital but including salary) is guaranteed at a minimum of Rs. 1,10,000 p.a. Any deficiency arising on that account shall be met by Asgar. The profit for the year ended 31st March, 2018 amounted to Rs. 4,24,000. Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2018. July 22, 2022
P, Q and R were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. They agreed to dissolve their partnership firm on 31st March, 2019. P was deputed to realise the assets and pay the liabilities. He was paid Rs. 1,000 as commission for his services. The financial position of the firm was: July 26, 2022
If a fixed amount is withdrawn on the last day of every quarter, for what period the interest on total drawings will be calculated? September 26, 2022