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Subjects
Class 12AccountancyPartnership Accounts - Basic ConceptsCapital AccountsHard
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Under fixed capital method interest on capital was wrongly credited to capital account although current account is prepared. What is the correct rectifying entry?

Answer and explanation

Correct answer: Debit Partners Capital Account and credit Partners Current Account

In fixed method interest should be credited to current account. To remove wrong capital credit debit capital account and credit current account.

Related tags

Fixed CapitalRectificationInterest On CapitalCapital 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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