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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.
उत्तर
Journal
| Date | Particulars | L.F. | Dr. (Rs) | Cr. (Rs) |
|
A’s Current A/c Dr To Interest on Drawings A/c (Being interest on drawings charged to A’s Capital A/c) |
700
|
700
|
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संबंधित प्रश्न
Neetu, Meetu, and Teetu were partners in a firm. On 1st January 2018, Meetu retired. On Meetu's retirement, the goodwill of the firm was valued at Rs 4,20,000.
Pass necessary journal entry for the treatment of goodwill on Meetu's retirement.
Distinguish between ‘Fixed Capital Account’ and ‘Fluctuating Capital Account’ on the basis of credit balance
Answer briefly of the following question :
Give the adjusting entry and closing entry for interest on loan taken by a partner from the firm, when the firm
follows the Fluctuating Capital Method.
Answer in one sentence only.
What is the Fixed Capital Method?
Give the word / term or phrase which can substitute the following statement.
Method of Capital account in which capital balances of partners changes every year?
Give the word / term or phrase which can substitute the following statement.
Capital method in which partner’s current account is opened.
Select the most appropriate alternative from those given below and rewrite the statement.
The interest on capital of a partner is credited to __________________ account.
Write the word/phrase/term, which can substitute the following sentence.
Under this method capital, balances of partners remain constant.
Write the word/phrase/term, which can substitute the following sentence.
Such capital method in which only Capital Account is maintained for each partner.
State whether the following statement is True or False with reasons.
Adjustments are recorded in Partner's Current Account in Fixed Capital Method.
Answer in one sentence only.
When is Partners Current Account is opened?
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.
Assertion (A): Under the fluctuating capital method, the balance in the capital account fluctuates from time to time.
Reason (R): Under the fluctuating capital method, all the adjustments such as share of profit and loss, interest on capital, drawings, interest on drawings etc, are recorded directly in the capital accounts of the partners.
State whether the following statement is True or False with reasons:
Adjustments are recorded in Partners Current Account in Fixed Capital Method.
Write the word/phrase/term, which can substitute the following sentence.
Under this method capital balances of partners remains constant.
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?
