Give two items which may appear on the debit side of Partner’s Current Account. (Delhi and AI 2018 C) Post category:Accountancy Reading time:1 mins read SOLUTION (i) Drawings, (ii) Interest on Drawings. 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 PostWhy does the Fixed Capital Account of partners show credit balance even when the firm suffers losses year after year? (CBSE 2020) Next PostIn case the partners’ capitals are fixed, in which account withdrawal of capital is recorded? (C.B.S.E. 2020) You Might Also Like Moneyplus company issued 2,50,000 Equity Shares of Rs. 10 each to public. All amounts have been received in lump sum. Pass necessary Journal entries in the books of the company. July 13, 2022 Khushi, Surekha and Vipasa were partners sharing profits and losses in 3: 2: 1. Khushi retired and, on this day, an unrecorded liability of Rs. 1,50,000 was found in the books. Khushi was of the opinion that since she has retired she should not be debited for her share of the liability. Surekha and Vipasa convinced Khushi that unrecorded liability has to be borne by all of them to which Khushi agreed. What argument must have been put forward by Surekha and Vipasa which convinced Khushi? September 27, 2022 Exe Ltd. purchased the assets of the book value Rs. 4,00,000 and took over the liabilities of Rs. 50,000 from Mohan Bros. It was agreed that the purchase consideration, settled at Rs. 3,80,000 be paid by issuing debentures of Rs. 100 each. Pass journal entries if debenture is issued: (a) at par (b) at a discount of 10% and (c) at a premium of 10%. It was agreed that any fraction of debentures be paid in cash. July 16, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Moneyplus company issued 2,50,000 Equity Shares of Rs. 10 each to public. All amounts have been received in lump sum. Pass necessary Journal entries in the books of the company. July 13, 2022
Khushi, Surekha and Vipasa were partners sharing profits and losses in 3: 2: 1. Khushi retired and, on this day, an unrecorded liability of Rs. 1,50,000 was found in the books. Khushi was of the opinion that since she has retired she should not be debited for her share of the liability. Surekha and Vipasa convinced Khushi that unrecorded liability has to be borne by all of them to which Khushi agreed. What argument must have been put forward by Surekha and Vipasa which convinced Khushi? September 27, 2022
Exe Ltd. purchased the assets of the book value Rs. 4,00,000 and took over the liabilities of Rs. 50,000 from Mohan Bros. It was agreed that the purchase consideration, settled at Rs. 3,80,000 be paid by issuing debentures of Rs. 100 each. Pass journal entries if debenture is issued: (a) at par (b) at a discount of 10% and (c) at a premium of 10%. It was agreed that any fraction of debentures be paid in cash. July 16, 2022