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Subjects
Class 12AccountancyPartnership Accounts - Basic ConceptsAdjustmentsHard
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Partner A has interest on capital ₹10000 and interest on drawings ₹1500. Under fluctuating capital method what is the net effect on A's capital account?

Answer and explanation

Correct answer: Credit ₹8500

Interest on capital is credited and interest on drawings is debited. Net credit is ₹10000 minus ₹1500 equal to ₹8500.

Related tags

PartnershipFluctuating CapitalNet EffectAdjustmentsPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq
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10 more MCQs
  1. 1What is the main purpose of adjustments in partnership accounts?
  2. 2What is generally prepared to correct an error in past profit distribution in partnership?
  3. 3If partner salary was omitted by mistake it will be credited to which partners account?
  4. 4If interest on capital was omitted what is the correct effect on partners account?
  5. 5If interest on drawings was omitted, what will happen in the concerned partner's account?
  6. 6If profit has been distributed in wrong ratio what is compared in correction?
  7. 7In adjustment table if a partner received less profit what will happen to his account?
  8. 8In adjustment table if a partner received excess profit what will happen to his account?
  9. 9If A received five thousand rupees less profit, what entry will be made to A's account during adjustment?
  10. 10If B has been paid an excess profit of ₹3,000, what adjustment will be made to B's account during the adjustment?
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