Name two items which are credited to the Capital Account of a partner upon his death. Post category:Accountancy Reading time:1 mins read SOLUTION (i) His share of life policy, (ii) His share of undistributed profits or reserves. 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 PostWhat is the basis of calculation of deceased partner’s share of profit from the date of last balance sheet to the date of his death? (C.B.S.E. 2019.Kerala) Next PostWhat journal entry’ will be recorded for deceased partner’s share in profit from the closure of last balance sheet till the date of his death? You Might Also Like A, B and C are partners sharing profits and losses in the ratio of A 1/2, B 3/10, C 1/5 after providing for interest @ 5% on their respective capitals. A Rs. 50,000; B Rs. 30,000 and C Rs. 20,000 and allowing B and C a salary of Rs. 5,000 each per annum. During the year ended 31st March, 2019, A has drawn Rs. 10,000 and B and C in addition to their salaries have drawn Rs. 2,500 and Rs. 1,000 respectively. Profit and Loss Account for the year ended 31st March, 2019 showed a net profit of Rs. 45,000. On 1st April, 2018, the balances in the Current Accounts of the partners were A (Cr.) Rs. 4,500; B (Cr.) Rs. 1,500 and C (Cr.) Rs. 1,000. Interest is not charged on Drawings or Current Account balances. Show Partners’ Capital and Current Accounts as at 31st March, 2019 after division of profits in accordance with the partnership agreement. July 21, 2022 While preparing cash flow statement, will ‘Cash withdrawn from Bank’ result into inflow, outflow or no flow of cash? Give reason in support of your answer. (C.B.S.E. 2020, Punjab) October 6, 2022 A and B are partners in a firm sharing profits in the ratio of 3 : 2. They admit C as a partner on 1st April, 2019 on which date the Balance Sheet of the firm was: August 1, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
A, B and C are partners sharing profits and losses in the ratio of A 1/2, B 3/10, C 1/5 after providing for interest @ 5% on their respective capitals. A Rs. 50,000; B Rs. 30,000 and C Rs. 20,000 and allowing B and C a salary of Rs. 5,000 each per annum. During the year ended 31st March, 2019, A has drawn Rs. 10,000 and B and C in addition to their salaries have drawn Rs. 2,500 and Rs. 1,000 respectively. Profit and Loss Account for the year ended 31st March, 2019 showed a net profit of Rs. 45,000. On 1st April, 2018, the balances in the Current Accounts of the partners were A (Cr.) Rs. 4,500; B (Cr.) Rs. 1,500 and C (Cr.) Rs. 1,000. Interest is not charged on Drawings or Current Account balances. Show Partners’ Capital and Current Accounts as at 31st March, 2019 after division of profits in accordance with the partnership agreement. July 21, 2022
While preparing cash flow statement, will ‘Cash withdrawn from Bank’ result into inflow, outflow or no flow of cash? Give reason in support of your answer. (C.B.S.E. 2020, Punjab) October 6, 2022
A and B are partners in a firm sharing profits in the ratio of 3 : 2. They admit C as a partner on 1st April, 2019 on which date the Balance Sheet of the firm was: August 1, 2022