Which capital accounts always show a credit balance? (CBSE 2020) Post category:Accountancy Reading time:1 mins read SOLUTION Fixed Capital accounts always show a credit balance. 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 PostDistinguish between ‘Fixed Capital Account’ and ‘Fluctuating Capital Account’ on the Basis of Credit Balance. (Al 2017, COSE 2019) Next PostState any one difference between Fixed Capital Accounts and Fluctuating Capital Accounts of partners. (Al 2014 C) You Might Also Like How will the Realisation Account closed, if it discloses a loss? September 27, 2022 What is the formula for calculating sacrificing ratio? September 26, 2022 Naveen, Qadir and Rajesh were Partners doing an Electronic Goods Business in Uttarakh and. After the accounts of partnership were drawn up and closed, it was discovered that interest on capital has been allowed to Partners @ 6% Per Annum for the years ending 31st March, 2017 and 2018, although there is no provision for interest on capital in the partnership deed. On the other hand, Naveen and Qadir were entitled to a Salary of Rs. 3,500 and Rs. 4,000 Per Quarter respectively, which has not been taken into consideration. Their respective Fixed Capitals were Rs. 4,00,000, Rs. 3,60,000 and Rs. 2,40,000. During the last two years, they had shared the Profits and Losses as follows : Year Ended Ratio 31st March , 2017 3 : 2 : 1 31st March , 2018 5 : 3 : 2. Pass necessary Adjusting Entry for the above Adjustments in the Books of the Firm on 1st April, 2018. Show your workings clearly July 22, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Naveen, Qadir and Rajesh were Partners doing an Electronic Goods Business in Uttarakh and. After the accounts of partnership were drawn up and closed, it was discovered that interest on capital has been allowed to Partners @ 6% Per Annum for the years ending 31st March, 2017 and 2018, although there is no provision for interest on capital in the partnership deed. On the other hand, Naveen and Qadir were entitled to a Salary of Rs. 3,500 and Rs. 4,000 Per Quarter respectively, which has not been taken into consideration. Their respective Fixed Capitals were Rs. 4,00,000, Rs. 3,60,000 and Rs. 2,40,000. During the last two years, they had shared the Profits and Losses as follows : Year Ended Ratio 31st March , 2017 3 : 2 : 1 31st March , 2018 5 : 3 : 2. Pass necessary Adjusting Entry for the above Adjustments in the Books of the Firm on 1st April, 2018. Show your workings clearly July 22, 2022
