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Subjects
Class 12AccountancyPartnership Accounts - Basic ConceptsCapital AccountsMedium
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If Bs opening current account is Rs 1000 debit commission is Rs 7500 and interest on drawings is Rs 500 what will be closing balance?

Answer and explanation

Correct answer: Rs 6000 credit

Commission is credit while opening debit and interest on drawings are debit. Rs 7500 minus Rs 1500 equals Rs 6000 credit.

Related tags

Current AccountCommissionInterest On DrawingsCapital 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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