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प्रश्न
When fixed capital method is adopted by a partnership firm, which of the following items will appear in the capital account?
पर्याय
Additional capital introduced
Interest on capital
Interest on drawings
Share of profit
उत्तर
Additional capital introduced
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संबंधित प्रश्न
State the differences between the fixed capital method and fluctuating capital method.
From the following information, prepare capital accounts of partners Rooban and Deri, when their capitals are fixed.
| Particulars | Rooban ₹ |
Deri ₹ |
| Capital on 1st April, 2018 | 70,000 | 50,000 |
| Current account on 1st April, 2018 (Cr.) | 25,000 | 15,000 |
| Additional capital introduced | 18,000 | 16,000 |
| Drawings during 2018 – 2019 | 10,000 | 6,000 |
| Interest on drawings | 500 | 300 |
| Share of profit for 2018 – 2019 | 35,000 | 25,800 |
| Interest on capital | 3,500 | 2,500 |
| Salary | Nil | 18,000 |
| Commission | 12,000 | Nil |
Arun and Selvam are partners who maintain their capital accounts under fixed capital method. From the following particulars, prepare capital accounts of partners.
| Particulars | Arun ₹ |
Selvam ₹ |
| Capital on 1st January, 2018 | 2,20,000 | 1,50,000 |
| Current account on 1st January, 2018 | 4,250 (Dr.) | 10,000 (Cr.) |
| Additional capital introduced during the year | Nil | 70,000 |
| Withdrew for personal use | 10,000 | 20,000 |
| Interest on drawings | 750 | 600 |
| Share of profit for 2018 | 22,000 | 15,000 |
| Interest on capital | 1,100 | 750 |
| Commission | 6,900 | Nil |
| Salary | Nil | 6,850 |
From the following information, prepare capital accounts of partners Padmini and Padma, when their capitals are fluctuating.
| Particulars | Padmini ₹ |
Padma ₹ |
| Capital on 1st January 2018 (Cr. balance) | 5,00,000 | 4,00,000 |
| Capital on 1st January 2018 (Cr. balance) | 70,000 | 40,000 |
| Interest on drawings | 2,000 | 1,000 |
| Share of profit for 2018 | 52,000 | 40,000 |
| Interest on capital | 30,000 | 24,000 |
| Salary | 45,000 | Nil |
| Commission | Nil | 21,000 |
Janani, Kamali, and Lakshmi are partners in a firm sharing profits and losses equally. As per the terms of the partnership deed, Kamali is allowed a monthly salary of ₹ 10,000 and Lakshmi is allowed a commission of ₹ 40,000 per annum for their contribution to the business of the firm. You are required to pass the necessary journal entry. Assume that their capitals are fluctuating.
Janani, Kamali and Lakshmi are partners in a firm sharing profits and losses equally. As per the terms of the partnership deed, Kamali is allowed a monthly salary of ₹ 10,000 and Lakshmi is allowed a commission of ₹ 40,000 per annum for their contribution to the business of the firm. You are required to pass the necessary journal entry. Assume that their capitals are fluctuating.
Mani is a partner, who withdrew ₹ 30,000 on 1st September, 2018. Interest on drawings is charged at 6% per annum. Calculate interest on drawings on 31st December, 2018 and show the journal entries by assuming that fluctuating capital method is followed.
Janani, Kamali and Lakshmi are partners in a firm sharing profits and losses equally. As per the terms of the partnership deed, Kamali is allowed a monthly salary of ₹ 10,000 and Lakshmi is allowed a commission of ₹ 40,000 per annum for their contribution to the business of the firm. You are required to pass the necessary journal entry. Assume that their capitals are fluctuating.
Janani, Kamali and Lakshmi are partners in a firm sharing profits and losses equally. As per the terms of the partnership deed, Kamali is allowed a monthly salary of ₹ 10,000 and Lakshmi is allowed a commission of ₹ 40,000 per annum for their contribution to the business of the firm. You are required to pass the necessary journal entry. Assume that their capitals are fluctuating.
Janani, Kamali and Lakshmi are partners in a firm sharing profits and losses equally. As per the terms of the partnership deed, Kamali is allowed a monthly salary of ₹ 10,000 and Lakshmi is allowed a commission of ₹ 40,000 per annum for their contribution to the business of the firm. You are required to pass the necessary journal entry. Assume that their capitals are fluctuating.
