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 Ankur, Bhavna and Disha are partners in a firm. On 1st April, 2017, the balance in their Capital Accounts stood at Rs. 14,00,000, Rs. 6,00,000 and Rs. 4,00,000 respectively. They shared profits in the proportion of 7 : 3 : 2 respectively. Partners are entitled to interest on capital @ 6% per annum and salary to Bhavna @ Rs. 50,000 p.a. and a commission of Rs. 3,000 per month to Disha as per the provisions of the partnership Deed. Bhavna’s share of profit (excluding interest on capital) is guaranteed at not less than Rs. 1,70,000 p.a. Disha’s share of profit (including interest on capital but excluding commission) is guaranteed at not less than Rs. 1,50,000 p.a. Any deficiency arising on that account shall be met by Ankur. The profit of the firm for the year ended 31st March, 2018 amounted to Rs. 9,50,000. Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2018. July 22, 2022 Aparna, Manisha and Sonia are partners sharing profits in the ratio of 3 : 2 : 1. Manisha retired and goodwill of the firm is valued at Rs. 1,80,000. Aparna and Sonia decided to share future profits in the ratio of 3 : 2. Pass necessary Journal entries. August 3, 2022 What is a Comparative Balance Sheet? October 1, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Ankur, Bhavna and Disha are partners in a firm. On 1st April, 2017, the balance in their Capital Accounts stood at Rs. 14,00,000, Rs. 6,00,000 and Rs. 4,00,000 respectively. They shared profits in the proportion of 7 : 3 : 2 respectively. Partners are entitled to interest on capital @ 6% per annum and salary to Bhavna @ Rs. 50,000 p.a. and a commission of Rs. 3,000 per month to Disha as per the provisions of the partnership Deed. Bhavna’s share of profit (excluding interest on capital) is guaranteed at not less than Rs. 1,70,000 p.a. Disha’s share of profit (including interest on capital but excluding commission) is guaranteed at not less than Rs. 1,50,000 p.a. Any deficiency arising on that account shall be met by Ankur. The profit of the firm for the year ended 31st March, 2018 amounted to Rs. 9,50,000. Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2018. July 22, 2022
Aparna, Manisha and Sonia are partners sharing profits in the ratio of 3 : 2 : 1. Manisha retired and goodwill of the firm is valued at Rs. 1,80,000. Aparna and Sonia decided to share future profits in the ratio of 3 : 2. Pass necessary Journal entries. August 3, 2022
