Advertisements
Advertisements
प्रश्न
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.
उत्तर
Adjusting entry:
Partner's Capital A/c ......... Dr.
To Interest on Loan A/c
Closing entry:
Interest on Loan A/c .......... Dr.
To Profit & Loss A/c
APPEARS IN
संबंधित प्रश्न
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 During the year ended 31-3-2015 Nusrat had withdrawn Rs.15,000.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.
Answer in one sentence only.
What is Fluctuating Capital Method?
Answer in one sentence only.
What is Fluctuating Capital?
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.
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?
What is fluctuating capital?
Answer in one sentence only.
What is fluctuating capital?
Answer in one sentence only:
What is fluctuating capital ?
