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Subjects
Class 12AccountancyPartnership Accounts - Basic ConceptsCapital AccountsMedium
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If As current account has opening debit balance of Rs 3000 and profit share is Rs 10000 with no other item what will be closing balance?

Answer and explanation

Correct answer: Rs 7000 credit

Debit balance is set off against credit from profit. Rs 10000 minus Rs 3000 gives Rs 7000 credit.

Related tags

Current AccountOpening DebitProfit ShareCapital AccountsPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq
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10 more MCQs
  1. 1If the deed gives ten percent interest on capital and capital was introduced after six months, what is necessary in calculation?
  2. 2If a partner pays personal expenses through the firm and the deed does not allow it, how is it generally treated?
  3. 3A deed states that capitals will be fixed. In such a case, where are additional capital and drawings generally recorded?
  4. 4The deed requires equal capitals but at year end one partner's capital is short. An entry to bring the shortage will affect which account?
  5. 5What does a partners capital account mainly show?
  6. 6For whom are capital accounts generally prepared in partnership?
  7. 7Under fixed capital method which change is generally recorded in the capital account?
  8. 8Under fluctuating capital method where is share of profit credited?
  9. 9Under the fixed capital method, to which account is a partner’s salary credited?
  10. 10Under the fluctuating capital method, drawings are debited to which account?
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