What is the status of partnership firm from an accounting viewpoint? Post category:Accountancy Reading time:1 mins read SOLUTION From an accounting view point, partnership firm is a separate business entity from the partners. 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 PostDoes partnership firm has a separate legal entity? Give reason in support of your answer. (Delhi 2017) Next PostGive the meaning of ‘Liability of Partners’ as a feature of partnership. (C.B.S.E 2020) You Might Also Like Calculate Net Profit before Tax and Extraordinary Items of Premier Sales Ltd. from its Balance Sheet as at 31st March, 2019: August 18, 2022 A and B are partners in a business sharing profits and losses in the ratio of 1/3rd and 2/3rd. On 1st April, 2019, their capitals were Rs. 8,000 and Rs. 10,000 respectively. On that date, they admit C in partnership and give him 1/4th share in the future profits. C brings Rs. 8,000 as his capital and Rs. 6,000 as goodwill. The amount of goodwill is withdrawn by the old partners in cash. Draft the journal entries and show the Capital Accounts of all the Partners. Calculate proportion in which partners would share profits and losses in future. August 1, 2022 Nazma Ltd. received interest on an item and the accountant classified it under Investing Activity while preparing Cash Flow Statement. Name another item for which such a treatment is possible. October 6, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Calculate Net Profit before Tax and Extraordinary Items of Premier Sales Ltd. from its Balance Sheet as at 31st March, 2019: August 18, 2022
A and B are partners in a business sharing profits and losses in the ratio of 1/3rd and 2/3rd. On 1st April, 2019, their capitals were Rs. 8,000 and Rs. 10,000 respectively. On that date, they admit C in partnership and give him 1/4th share in the future profits. C brings Rs. 8,000 as his capital and Rs. 6,000 as goodwill. The amount of goodwill is withdrawn by the old partners in cash. Draft the journal entries and show the Capital Accounts of all the Partners. Calculate proportion in which partners would share profits and losses in future. August 1, 2022
Nazma Ltd. received interest on an item and the accountant classified it under Investing Activity while preparing Cash Flow Statement. Name another item for which such a treatment is possible. October 6, 2022