Give the average period, in months, for charging interest on drawings of a fixed amount withdrawn at the beginning of each quarter. Post category:Accountancy Reading time:1 mins read SOLUTION 7.5 Months. 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more articles Previous PostGive the average period, in months, for charging interest on drawings of a fixed amount, withdrawn at the end of each quarter. (C.B.S.E. 2020 C) Next PostTom and Harry were partners in a firm sharing profits in the ratio of 5: 3. During the year ended 31st March, 2015 Tom had withdrawn Rs. 40,000. Interest on his drawings amounted to Rs. 2,000. Pass necessary Journal entry for charging interest on drawings assuming that the capitals of the partners were fluctuating. (AI 2016) You Might Also Like X, Y and Z are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Z retires from the firm on 31st March, 2019. On the date of Z’s retirement, the following balances appeared in the books of the firm: General Reserve Rs. 1,80,000 Profit and Loss Account (Dr.) Rs. 30,000 Workmen Compensation Reserve Rs. 24,000 which was no more required Employees’ Provident Fund Rs. 20,000. Pass necessary Journal entries for the adjustment of these items on Z’s retirement. August 3, 2022 Closing Trade Receivables Rs. 1,20,000, Revenue from Operations Rs. 14,40,000. Provision for Doubtful Debts Rs. 20,000. Calculate Trade Receivables Turnover Ratio. August 16, 2022 A company had Current Assets of Rs. 4,50,000 and Current Liabilities of Rs. 2,00,000. Afterwards it purchased goods for Rs. 30,000 on credit. Calculate Current Ratio after the purchase August 10, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
X, Y and Z are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Z retires from the firm on 31st March, 2019. On the date of Z’s retirement, the following balances appeared in the books of the firm: General Reserve Rs. 1,80,000 Profit and Loss Account (Dr.) Rs. 30,000 Workmen Compensation Reserve Rs. 24,000 which was no more required Employees’ Provident Fund Rs. 20,000. Pass necessary Journal entries for the adjustment of these items on Z’s retirement. August 3, 2022
Closing Trade Receivables Rs. 1,20,000, Revenue from Operations Rs. 14,40,000. Provision for Doubtful Debts Rs. 20,000. Calculate Trade Receivables Turnover Ratio. August 16, 2022
A company had Current Assets of Rs. 4,50,000 and Current Liabilities of Rs. 2,00,000. Afterwards it purchased goods for Rs. 30,000 on credit. Calculate Current Ratio after the purchase August 10, 2022
