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Class 12AccountancyPartnership Accounts - Basic ConceptsCapital AccountsExpert
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A's current account opened with a credit balance of Rs 6000. During the year A was credited salary Rs 12000 and interest on capital Rs 5000; drawings amounted to Rs 15000 and interest on drawings Rs 1200 was charged. What is the closing balance of the current account?

Answer and explanation

Correct answer: Rs 6800 credit

Items on credit side: opening balance Rs 6000 + salary Rs 12000 + interest on capital Rs 5000 = total Rs 23000. Items on debit side: drawings Rs 15000 + interest on drawings Rs 1200 = total Rs 16200. Closing = credit − debit = Rs 23000 − Rs 16200 = Rs 6800 credit. Option B mistakes the sign (shows debit instead of credit); options C and D are incorrect in magnitude. Exam tip: clearly separate and total all credits and debits (including opening balance sign) before taking their difference.

Related tags

Partnership AccountsCurrent AccountCapital AccountsPartner Current BalanceAccounting AdjustmentsPartnership 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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