Advertisements
Advertisements
प्रश्न
Tom and Harry were partners in a firm sharing profits in the ratio of 5:3. During the year ended 31.3.2015 Tom had withdrawn Rs.40,000. Interest on his drawings amounted to Rs.2,000.
Pass necessary journal entry for charging interest on drawings assuming that the capitals of the partners were fluctuating.
उत्तर
Journal
| Date | Particulars | L.F. | Dr.(Rs.) | Cr.(Rs.) |
|
Tom's Capital A/c Dr To Interest on Drawings A/c (Being interest on drawings charged to Tom’s Capital A/c) |
2,000
|
2,000
|
APPEARS IN
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.
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 Fluctuating Capital Method?
Answer in one sentence only.
What are the methods of maintaining partners’ capital accounts?
Select the most appropriate alternative from those given below and rewrite the statement.
The interest on capital of a partner is credited to __________________ account.
State whether the following statement are True or False.
Partner’s current account is opened when fluctuating capital method is adopted.
State whether the following statement are True or False.
A partner who provides only capital to the firm is called as nominal partner.
State whether the following statement are True or False.
Capital account always shows credit balance.
Write the word/phrase/term, which can substitute the following sentence.
Under this method capital, balances of partners remain constant.
The balance of Drawings Account of a partner is transferred to his _______ account under the Fixed Capital Method.
When partners adopt Fixed Capital Method then they have to operate ________ Account.
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.
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?
Answer in one sentence only:
What is fluctuating capital?
