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Class 12 · Accountancy
→Under fluctuating capital method A capital is one lakh rupees. He received salary ten thousand rupees commission four thousand rupees profit share six thousand rupees and drawings are twenty five thousand rupees. What is closing capital?
Class 12 · Accountancy
→If a partners closing capital balance is debit on which side is balance carried down written while balancing the account?
Class 12 · Accountancy
→A capital account has closing credit balance of seventy five thousand rupees. On which side will balance carried down be written while balancing the account?
Class 12 · Accountancy
→Under the fixed capital method, when the drawings account is closed at year end, which account is affected (debited)?
Class 12 · Accountancy
→Under fluctuating capital method what is the effect when drawings account is closed at year end?
Class 12 · Accountancy
→If debit balance of current account keeps increasing under fixed capital method what weakness may it indicate?
Class 12 · Accountancy
→A partner contributed machinery as capital and the firm accepted a liability of five thousand rupees on that machinery. Agreed value of machinery is thirty thousand rupees. What is net credit to capital account?
Class 12 · Accountancy
→A partner contributed a personal building as capital with book value forty thousand rupees and agreed value forty five thousand rupees. What amount will be credited to capital account?
Class 12 · Accountancy
→Under fixed capital method A capital is sixty five thousand rupees and current account has credit balance seven thousand rupees. If A withdrew five thousand rupees cash and it is treated as drawings which account is affected?
Class 12 · Accountancy
→A and B capitals should be in the ratio three to two. A current capital is ninety thousand rupees and B is fifty thousand rupees. Taking A capital as base what should B do?
Class 12 · Accountancy
→A and B contributed seventy thousand and fifty thousand rupees respectively. Later total capital must be maintained in profit ratio two to one and total capital remains unchanged. How much should B withdraw?
Class 12 · Accountancy
→Under fluctuating capital method A capital account shows debit balance of eight thousand rupees. What situation can this indicate?
Class 12 · Accountancy
→If partners capital is to be kept fixed as per deed which item should not go to capital account?
Class 12 · Accountancy
→B capital account has opening credit balance of ninety thousand rupees. During the year share of loss is sixteen thousand rupees drawings are fourteen thousand rupees and additional capital is twenty thousand rupees. Under fluctuating method what is closing capital?
Class 12 · Accountancy
→Under fluctuating capital method A closing capital is one lakh ten thousand rupees. During the year profit share was fifteen thousand rupees interest on capital was five thousand rupees drawings were twelve thousand rupees and interest on drawings was three thousand rupees. What was opening capital?
Class 12 · Accountancy
→If a capital account has debit balance how is it more appropriately shown in the balance sheet?
Class 12 · Accountancy
→A capital is one lakh rupees and current account has debit balance of twelve thousand rupees. How should the net effect be understood in balance sheet?
Class 12 · Accountancy
→Under fixed capital method drawings were wrongly debited to capital account. What is the correct correction?
Class 12 · Accountancy
→Under fixed capital method interest on capital was wrongly credited to capital account although current account is prepared. What is the correct rectifying entry?
Class 12 · Accountancy
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