Mention two items that may appear on the debit side of a Partner’s Fixed Capital Account. Post category:Accountancy Reading time:1 mins read SOLUTION (i) Permanent withdrawal of Capital from business, and; (ii) Closing Balance of Capital. 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 PostIf the partner’s capitals are fixed, where will you record interest on drawings and share of profit of a partner? Next PostMention two items that may appear on the credit side of a Partner’s Fixed Capital Account. You Might Also Like Kalpana and Kanika were partners in a firm sharing profits in 3: 1 ratio. They admitted Karuna as a partner for 1/4th share in the future profits. Karuna was to bring Rs. 60,000 for his capital. The Balance Sheet of Kalpana and Kanika as at 1st April, 2021, the date on which Karuna was admitted, was: November 4, 2022 Alok Ltd. issued 7,000, 10% Debentures of Rs. 500 each at a premium of Rs. 50 per debenture redeemable at a premium of 10% after 5 years. According to the terms of issue, Rs. 200 was payable on application and balance on allotment. Record necessary Journal entries at the time of issue of 10% Debentures. July 16, 2022 X, Y and Z are partners sharing profits and losses in the ratio of 5: 3: 2. From 1st April, 2022, they decided to share profits and losses equally. The Partnership Deed provides that in the event of any change in the profit-sharing ratio, the goodwill should be valued at two years’ purchase of the average profit of the preceding five years. The profits and losses of the preceding years ended 31st March, are: October 18, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Kalpana and Kanika were partners in a firm sharing profits in 3: 1 ratio. They admitted Karuna as a partner for 1/4th share in the future profits. Karuna was to bring Rs. 60,000 for his capital. The Balance Sheet of Kalpana and Kanika as at 1st April, 2021, the date on which Karuna was admitted, was: November 4, 2022
Alok Ltd. issued 7,000, 10% Debentures of Rs. 500 each at a premium of Rs. 50 per debenture redeemable at a premium of 10% after 5 years. According to the terms of issue, Rs. 200 was payable on application and balance on allotment. Record necessary Journal entries at the time of issue of 10% Debentures. July 16, 2022
X, Y and Z are partners sharing profits and losses in the ratio of 5: 3: 2. From 1st April, 2022, they decided to share profits and losses equally. The Partnership Deed provides that in the event of any change in the profit-sharing ratio, the goodwill should be valued at two years’ purchase of the average profit of the preceding five years. The profits and losses of the preceding years ended 31st March, are: October 18, 2022