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 Twitter Opens in a new window Facebook Opens in a new window Google+ 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 Iqbal and Kapoor are in partnership sharing profits and losses in 3: 2. Kapoor died three months after the date of the last Balance Sheet. According to the Partnership Deed, the legal heir is entitled to the following: (a) His capital as per the last Balance Sheet. (b) Interest on above capital @ 3% p.a. till the date of death. (c) His share of profits till the date of death calculated on the basis of last year’s profits. His drawings are to bear interest at an average rate of 2% on the Amount irrespective of the period. The net profits for the last three years, after charging insurance premium, were Rs. 20,000; Rs. 25,000 and Rs. 30,000 respectively. Kapoor’s capital as per Balance Sheet was Rs. 40,000 and his drawings till the date of death were Rs. 5,000. Draw Kapoor’s Capital Account to be rendered to his representatives. August 5, 2022 A, B and C were partners sharing profits in the ratio of 1/2, 2/5 and 1/10. Find the new ratio of the remaining partners if C dies. August 4, 2022 Current Assets Rs. 3,00,000; Inventories Rs. 60,000; Working Capital Rs. 2,52,000. Calculate Quick Ratio. August 12, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.