Give the average period, in months, for charging interest on drawings of a fixed amount withdrawn at the beginning of each quarter. Post category:Accountancy Reading time:1 mins read SOLUTION 7.5 Months. 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more articles Previous PostGive the average period, in months, for charging interest on drawings of a fixed amount, withdrawn at the end of each quarter. (C.B.S.E. 2020 C) Next PostTom and Harry were partners in a firm sharing profits in the ratio of 5: 3. During the year ended 31st March, 2015 Tom had withdrawn Rs. 40,000. Interest on his drawings amounted to Rs. 2,000. Pass necessary Journal entry for charging interest on drawings assuming that the capitals of the partners were fluctuating. (AI 2016) You Might Also Like Pass entries in the firm’s journal for the following on admission of a partner: (i) Machinery be reduced by Rs. 16,000 and Building be appreciated by Rs. 40,000. (ii) A provision be created for Doubtful Debts @ 5% of Debtors amounting to Rs. 80,000. (iii) Provision for warranty claims be increased by Rs. 12,000. August 1, 2022 Vinay and Naman are partners sharing profits in the ratio of 4 : 1. Their capitals were Rs. 90,000 and Rs. 70,000 respectively. They admitted Prateek for 1/3 share in the profits. Prateek brought Rs. 1,00,000 as his capital. Calculate the value of firm’s goodwill. August 1, 2022 Under what headings will you show the following items in the Balance Sheet of the Company: (i) Goodwill (ii) Loose Tools. (C.B.S. E. 2017, 2018) September 30, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Pass entries in the firm’s journal for the following on admission of a partner: (i) Machinery be reduced by Rs. 16,000 and Building be appreciated by Rs. 40,000. (ii) A provision be created for Doubtful Debts @ 5% of Debtors amounting to Rs. 80,000. (iii) Provision for warranty claims be increased by Rs. 12,000. August 1, 2022
Vinay and Naman are partners sharing profits in the ratio of 4 : 1. Their capitals were Rs. 90,000 and Rs. 70,000 respectively. They admitted Prateek for 1/3 share in the profits. Prateek brought Rs. 1,00,000 as his capital. Calculate the value of firm’s goodwill. August 1, 2022
Under what headings will you show the following items in the Balance Sheet of the Company: (i) Goodwill (ii) Loose Tools. (C.B.S. E. 2017, 2018) September 30, 2022
