What is the status of partnership firm from an accounting viewpoint? Post category:Accountancy Reading time:1 mins read SOLUTION From an accounting view point, partnership firm is a separate business entity from the partners. 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 PostDoes partnership firm has a separate legal entity? Give reason in support of your answer. (Delhi 2017) Next PostGive the meaning of ‘Liability of Partners’ as a feature of partnership. (C.B.S.E 2020) You Might Also Like Nusrat and Sonu were partners in a firm sharing profits in the ratio of 3: 2. During the year ended 31st March, 2015 Nusrat had withdrawn Rs. 15,000. Interest on her drawings amounted to Rs. 300. Pass necessary Journal entry for charging interest on drawings assuming that the capitals of the partners were fixed. (Delhi 2016) October 7, 2022 Mention a case where Profit & Loss Appropriation Account will be prepared even if Profit & Loss Account discloses net loss. September 26, 2022 Hanny, Pammy and Sunny are partners sharing profits in the ratio of 3 : 2 : 1. Goodwill is appearing in the books at a value of Rs. 60,000. Pammy retires and at the time of Pammy’s retirement, goodwill is valued at Rs. 84,000. Hanny and Sunny decided to share future profits in the ratio of 2 : 1. Record the necessary Journal entries. August 3, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Nusrat and Sonu were partners in a firm sharing profits in the ratio of 3: 2. During the year ended 31st March, 2015 Nusrat had withdrawn Rs. 15,000. Interest on her drawings amounted to Rs. 300. Pass necessary Journal entry for charging interest on drawings assuming that the capitals of the partners were fixed. (Delhi 2016) October 7, 2022
Mention a case where Profit & Loss Appropriation Account will be prepared even if Profit & Loss Account discloses net loss. September 26, 2022
Hanny, Pammy and Sunny are partners sharing profits in the ratio of 3 : 2 : 1. Goodwill is appearing in the books at a value of Rs. 60,000. Pammy retires and at the time of Pammy’s retirement, goodwill is valued at Rs. 84,000. Hanny and Sunny decided to share future profits in the ratio of 2 : 1. Record the necessary Journal entries. August 3, 2022