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Subjects
Class 12AccountancyPartnership Accounts - Basic ConceptsCapital AccountsHard
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Under fixed capital method A current account has opening credit balance of twelve thousand rupees. Salary is eighteen thousand rupees interest on capital is seven thousand rupees share of loss is nine thousand rupees drawings are sixteen thousand rupees and interest on drawings is two thousand rupees. What is closing current account balance?

Answer and explanation

Correct answer: Credit ten thousand rupees

Credit items are thirty seven thousand and debit items are twenty seven thousand. Therefore closing current account is credit ten thousand rupees.

Related tags

Fixed CapitalCurrent AccountComplex BalanceCapital 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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