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Class 12AccountancyPartnership Accounts - Basic ConceptsCapital AccountsExpert
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Under fixed capital method As capital is Rs 100000 and current account has Rs 3000 debit. During the year profit share is Rs 20000 and drawings are Rs 25000. What is closing current balance?

Answer and explanation

Correct answer: Rs 8000 debit

Opening debit Rs 3000 and drawings Rs 25000 make total debit Rs 28000. After profit credit Rs 20000 the balance is Rs 8000 debit.

Related tags

Fixed CapitalCurrent AccountProfit 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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