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Mention two items that may appear on the debit side of a Partner’s Fixed Capital Account.

  • Post category:Accountancy
  • Reading time:1 mins read

SOLUTION (i) Permanent withdrawal of Capital from business, and; (ii) Closing Balance of Capital.

Continue ReadingMention two items that may appear on the debit side of a Partner’s Fixed Capital Account.

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.

Continue ReadingIf the partner’s capitals are fixed, where will you record interest on drawings and share of profit of a partner?

Write two items of debit side of Current Accounts.

  • Post category:Accountancy
  • Reading time:1 mins read

SOLUTION (i) Drawings, (ii) Interest on Drawings.

Continue ReadingWrite two items of debit side of Current Accounts.

Write two items of credit side of Current Accounts.

  • Post category:Accountancy
  • Reading time:1 mins read

SOLUTION (i) Interest on Capital, (ii) Share of Profit.

Continue ReadingWrite two items of credit side of Current Accounts.

What is partner’s Current Account?

  • Post category:Accountancy
  • Reading time:1 mins read

SOLUTION Under fixed capital method a current account is maintained for each partner and all items relating to partners such as drawings, interest on capital, share of profit or loss…

Continue ReadingWhat is partner’s Current Account?

What Accounts are maintained, (a) when the capitals are fixed? (b) when the capitals are fluctuating?

  • Post category:Accountancy
  • Reading time:1 mins read

SOLUTION (a) Capital A/cs and Current A/cs; (b) Only Capital A/cs.

Continue ReadingWhat Accounts are maintained, (a) when the capitals are fixed? (b) when the capitals are fluctuating?

What is meant by fluctuating capital of partners?

  • Post category:Accountancy
  • Reading time:1 mins read

SOLUTION Partner’s Capital is said to be fluctuating when the capital remains changing with every transaction in the Capital Account such as drawings, interest on capital etc.

Continue ReadingWhat is meant by fluctuating capital of partners?

What is meant by fixed capital of partners?

  • Post category:Accountancy
  • Reading time:1 mins read

SOLUTION Partner’s capital is said to be fixed when the capital of partners remain unaltered, unless additional capital is introduced or a part of the capital is withdrawn permanently as…

Continue ReadingWhat is meant by fixed capital of partners?

Kavita and Laxmi run a charitable dispensary. Kavita wants to have a partnership deed. What is your opinion?

  • Post category:Accountancy
  • Reading time:1 mins read

SOLUTION They need not have a partnership deed because the activity they are carrying is charitable in nature. There is no business and sharing of profits.

Continue ReadingKavita and Laxmi run a charitable dispensary. Kavita wants to have a partnership deed. What is your opinion?
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