What is the number of major heads of the Assets side of a Company’s Balance Sheet? Post category:Accountancy Reading time:1 mins read SOLUTION Two. 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 financial year in case of a Company? Next PostWhat is the number of major heads of the Equity and Liabilities side of a Company’s Balance Sheet? You Might Also Like Mohan, Vijay and Anil are partners, the balances of their Capital Accounts being Rs. 30,000, Rs. 25,000 and Rs. 20,000 respectively. In arriving at these amounts profit for the year ended 31st March, 2019, Rs. 24,000 had already been credited to partners in the proportion in which they shared profits. Their drawings were Rs. 5,000 (Mohan), Rs. 4,000 (Vijay) and Rs. 3,000 (Anil) during the year. Subsequently, the following omissions were noticed and it was decided to rectify the errors: (a) Interest on capital @ 10% p.a. (b) Interest on drawings: Mohan Rs. 250, Vijay Rs. 200 and Anil Rs. 150. Make necessary corrections through a Journal entry and show your workings clearly. July 22, 2022 Does partnership firm has a separate legal entity? Give reason in support of your answer. September 23, 2022 What is meant by Sacrificing Partners? September 26, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Mohan, Vijay and Anil are partners, the balances of their Capital Accounts being Rs. 30,000, Rs. 25,000 and Rs. 20,000 respectively. In arriving at these amounts profit for the year ended 31st March, 2019, Rs. 24,000 had already been credited to partners in the proportion in which they shared profits. Their drawings were Rs. 5,000 (Mohan), Rs. 4,000 (Vijay) and Rs. 3,000 (Anil) during the year. Subsequently, the following omissions were noticed and it was decided to rectify the errors: (a) Interest on capital @ 10% p.a. (b) Interest on drawings: Mohan Rs. 250, Vijay Rs. 200 and Anil Rs. 150. Make necessary corrections through a Journal entry and show your workings clearly. July 22, 2022
Does partnership firm has a separate legal entity? Give reason in support of your answer. September 23, 2022
