Why does the Fixed Capital Account of partners show credit balance even when the firm suffers losses year after year? (CBSE 2020) Post category:Accountancy Reading time:1 mins read SOLUTION Fixed Capital Accounts of partners show credit balance because the losses are adjusted through Partners’ Current Accounts. 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 PostState any one difference between Fixed Capital Accounts and Fluctuating Capital Accounts of partners. (Al 2014 C) Next PostGive two items which may appear on the debit side of Partner’s Current Account. (Delhi and AI 2018 C) You Might Also Like Why is it necessary to have a partnership deed? September 26, 2022 Vikas and Vivek were partners in a firm sharing profits in the ratio of 3 : 2. On 1st April, 2018, they admitted Vandana as a new partner for 1/8th share in the profits with a guaranteed profit of Rs. 1,50,000. New profit-sharing ratio between Vikas and Vivek will remain same but they decided to bear any deficiency on account of guarantee to Vandana in the ratio 3 : 2. Profit of the firm for the year ended 31st March, 2019 was Rs. 9,00,000. Prepare Profit and Loss Appropriation Account of Vikas, Vivek and Vandana for the year ended 31st March, 2019. July 22, 2022 X and Y are partners sharing profits in the ratio of 2 : 1. Their Balance Sheet as at 31st March, 2019 was: August 2, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Vikas and Vivek were partners in a firm sharing profits in the ratio of 3 : 2. On 1st April, 2018, they admitted Vandana as a new partner for 1/8th share in the profits with a guaranteed profit of Rs. 1,50,000. New profit-sharing ratio between Vikas and Vivek will remain same but they decided to bear any deficiency on account of guarantee to Vandana in the ratio 3 : 2. Profit of the firm for the year ended 31st March, 2019 was Rs. 9,00,000. Prepare Profit and Loss Appropriation Account of Vikas, Vivek and Vandana for the year ended 31st March, 2019. July 22, 2022
X and Y are partners sharing profits in the ratio of 2 : 1. Their Balance Sheet as at 31st March, 2019 was: August 2, 2022