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 What is Coupon rate? September 29, 2022 X, Y and Z entered into partnership on 1st October, 2021 to share profits in the ratio of 4: 3: 3. X, personally guaranteed that Z’s share of profit after charging interest on capital @ 10% p.a. would not be less then Rs. 80,000 in any year. Capital contributions were: X –Rs. 3,00,000, Y – Rs. 2,00,000 and Z – Rs. 1,50,000. Profit for the year ended 31st March, 2022 was Rs. 1,60,000. Prepare Profit and Loss Appropriation Account. October 11, 2022 X, Y and Z are partners in a firm sharing profits in 2: 2: 1 ratio. The fixed capitals of the partners were: X Rs.5,00,000; Y Rs. 5,00,000 and Z Rs. 2,50,000 respectively. The Partnership Deed provides that interest on capital is to be allowed @ 10% p.a. Z is to be allowed a salary of Rs. 2,000 per month. The profit of the firm for the year ended 31st March, 2018 after debiting Z’s salary was Rs. 4,00,000. Prepare Profit and Loss Appropriation Account. July 20, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
X, Y and Z entered into partnership on 1st October, 2021 to share profits in the ratio of 4: 3: 3. X, personally guaranteed that Z’s share of profit after charging interest on capital @ 10% p.a. would not be less then Rs. 80,000 in any year. Capital contributions were: X –Rs. 3,00,000, Y – Rs. 2,00,000 and Z – Rs. 1,50,000. Profit for the year ended 31st March, 2022 was Rs. 1,60,000. Prepare Profit and Loss Appropriation Account. October 11, 2022
X, Y and Z are partners in a firm sharing profits in 2: 2: 1 ratio. The fixed capitals of the partners were: X Rs.5,00,000; Y Rs. 5,00,000 and Z Rs. 2,50,000 respectively. The Partnership Deed provides that interest on capital is to be allowed @ 10% p.a. Z is to be allowed a salary of Rs. 2,000 per month. The profit of the firm for the year ended 31st March, 2018 after debiting Z’s salary was Rs. 4,00,000. Prepare Profit and Loss Appropriation Account. July 20, 2022