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Class 12 · Accountancy
→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?
Class 12 · Accountancy
→Under fluctuating capital method opening capital is Rs 125000. Salary is Rs 15000 profit share is Rs 22000 drawings are Rs 18000 and interest on drawings is Rs 1500. What will be closing capital?
Class 12 · Accountancy
→Under fixed capital method A has capital of Rs 90000 and a debit balance of Rs 8000 in current account. If A brings additional capital of Rs 20000 what is As total net position?
Class 12 · Accountancy
→In a hard capital accounts question if current account is also given what is the safest first step?
Class 12 · Accountancy
→If interest on drawings is credited to appropriation account but not debited to partner account what is the effect on partners balance?
Class 12 · Accountancy
→If interest on capital is debited in Profit and Loss Appropriation Account but not credited to partner account what is the effect on capital account?
Class 12 · Accountancy
→If interest on drawings is forgotten while finding closing balance of partners capital account what type of error occurs?
Class 12 · Accountancy
→A current account had opening debit balance five thousand rupees. During the year he received interest on capital seven thousand rupees and salary nine thousand rupees. Drawings are twenty thousand rupees. Under fixed capital method what is closing balance?
Class 12 · Accountancy
→Under fluctuating capital method A capital is one lakh rupees. He made normal drawings of eight thousand and permanent withdrawal of twelve thousand. What is closing capital if there are no other items?
Class 12 · Accountancy
→Under fixed capital method A capital is one lakh rupees. He made normal drawings of eight thousand rupees and permanent capital withdrawal of twelve thousand rupees. What will be closing capital account balance?
Class 12 · Accountancy
→A opening capital is one lakh rupees and during the year two additional capitals of ten thousand and fifteen thousand rupees were introduced. Under fixed capital method what is closing capital if there is no capital withdrawal?
Class 12 · Accountancy
→Interest on drawings is credited to Profit and Loss Appropriation Account and debited to partner account. What does this mean?
Class 12 · Accountancy
→If interest on capital is credited to capital account and debited to Profit and Loss Appropriation Account what is the effect on partner account?
Class 12 · Accountancy
→A capital account has credit balance eighty thousand rupees and the same partner has loan account twenty thousand rupees. How should both be understood in balance sheet?
Class 12 · Accountancy
→If a partner's current account shows a credit balance and it is presented on the assets side of the balance sheet, what type of error has occurred?
Class 12 · Accountancy
→If debit balance of current account is shown on liabilities side of balance sheet what error occurs?
Class 12 · Accountancy
→Under the fluctuating capital method, a revaluation loss is shared by A and B in the ratio 3:2. The total loss is Rs 25,000. How much will be debited to A's capital account?
Class 12 · Accountancy
→Under fixed capital method revaluation profit is distributed among partners. If capital accounts are to remain fixed where will this profit be credited?
Class 12 · Accountancy
→Under fluctuating capital method goodwill adjustment debited A by twenty thousand rupees and credited B by twenty thousand rupees. What is effect on total firm capital?
Class 12 · Accountancy
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