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प्रश्न
Assertion (A) - Commission provided to partner is shown in Profit and Loss A/c.
Reason (R) - Commission provided to partner is charge against profits and is to be provided at a fixed rate.
विकल्प
(A) is correct but (R) is wrong
Both (A) and (R) are correct, but (R) is not the correct explanation of (A)
Both (A) and (R) are incorrect.
Both (A) and (R) are correct, and (R) is the correct explanation of (A)
उत्तर
Both (A) and (R) are incorrect.
संबंधित प्रश्न
A and B were partners in a firm sharing profits in the ratio of 4:5. During the year ended 31-3-2015 A withdrew Rs.19,000. Interest on A's drawings was Rs.700.
Pass necessary Journal entry for charging interest on A's drawings assuming that the capitals of the partners were fixed.
Nusrat and Sonu were partners in a firm sharing profits in the ratio of 3:2. During the year ended 31-3-2015 Nusrat had withdrawn Rs.15,000. Interest on her drawings amounted to Rs.300. Pass necessary journal entry for charging interest on drawing assuming that the capitals of the partners were fixed.
Distinguish between ‘Fixed Capital Account’ and ‘Fluctuating Capital Account’ on the basis of credit balance
Answer in one sentence only.
What is Fluctuating Capital Method?
Answer in one sentence only.
What are the methods of maintaining partners’ capital accounts?
Give the word / term or phrase which can substitute the following statement.
Under this method capital balances of partner remain constant.
State whether the following statement are True or False.
Capital account always shows credit balance.
State whether the following statement is True or False with reasons.
Adjustments are recorded in Partner's Current Account in Fixed Capital Method.
The balance of Drawings Account of a partner is transferred to his _______ account under the Fixed Capital Method.
Do you agree/disagree with the following statement:
The balance of Capital Account remains constant under Fixed Capital Method.
Vihaan and Mann are partners sharing profits and losses in the ratio of 3 : 2. The firm maintains fluctuating capital accounts and the balance of the same as on 31st March 2022 is ₹ 4,00,000 and ₹ 4,65,000 for Vihaan and Mann respectively. Drawings during the year were ₹ 65,000 each. As per the partnership Deed, Interest on capital @ 10% p.a. on Opening Capital has been allowed to them. Calculate the opening capital of Vihaan given that the divisible profits during the year 2021-22 were ₹ 2,25,000.
Write the word/phrase/term, which can substitute the following sentence.
Such capital method in which only capital account is maintained for each partner.
Answer in one sentence only:
What is fluctuating capital?
Answer in one sentence only:
What is fluctuating capital?
Answer in one sentence only :
What is fluctuating capital?
What is fluctuating capital?
What is fluctuating capital?
