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 Provision for Depreciation Rs. 65,000; Provision for Doubtful Debts Rs. 30,000; and Provident Fund Rs. 1,50,000 has been transferred to the Credit side of Realisation Account. For which item payment is to be made by the firm? September 27, 2022 Hanny, Pammy and Sunny are partners sharing profits in the ratio of 3 : 2 : 1. Goodwill is appearing in the books at a value of Rs. 60,000. Pammy retires and at the time of Pammy’s retirement, goodwill is valued at Rs. 84,000. Hanny and Sunny decided to share future profits in the ratio of 2 : 1. Record the necessary Journal entries. August 3, 2022 A, B, C, and D are partners in a firm sharing profits as 4: 3: 2: 1 respectively. It earned a profit of Rs. 1,80,000 for the year ended 31st March, 2018. As per the Partnership Deed, they are to charge a commission @ 20% of the profit after charging such commission which they will share as 2: 3: 2: 3. You are required to show appropriation of profits among the partners. July 21, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Provision for Depreciation Rs. 65,000; Provision for Doubtful Debts Rs. 30,000; and Provident Fund Rs. 1,50,000 has been transferred to the Credit side of Realisation Account. For which item payment is to be made by the firm? September 27, 2022
Hanny, Pammy and Sunny are partners sharing profits in the ratio of 3 : 2 : 1. Goodwill is appearing in the books at a value of Rs. 60,000. Pammy retires and at the time of Pammy’s retirement, goodwill is valued at Rs. 84,000. Hanny and Sunny decided to share future profits in the ratio of 2 : 1. Record the necessary Journal entries. August 3, 2022
A, B, C, and D are partners in a firm sharing profits as 4: 3: 2: 1 respectively. It earned a profit of Rs. 1,80,000 for the year ended 31st March, 2018. As per the Partnership Deed, they are to charge a commission @ 20% of the profit after charging such commission which they will share as 2: 3: 2: 3. You are required to show appropriation of profits among the partners. July 21, 2022