Capital account on credit and debit side

List the items that might appear on the debit side and credit side of a partner's fluctuating capital account.

Answer: On debit side: Drawing, interest on drawing, closing credit balance of the capital and share of loss.

On credit side: Opening credit balance of capital, added capital introduced, share of gain, interest on capital, salary to a Partner, and commission to Partner.

View Complete Question

Related Questions in Managerial Accounting

Q : Define Responsibility Center

Responsibility Center: It is an organizational unit headed by the manager or a group of managers who are responsible for its actions. The responsibility centers can be measured as revenue centers (that is responsible for revenue or sa

Q : Activity-based budgeting Normal 0 false

Normal 0

Q : Deficiency of a partnership deed In the

In the deficiency of a partnership deed, how are mutual relations of partners managed? Answer: In the absence of Partnership deed, the mutual relations are managed b

Q : Evaluate the strategic options Identify

Identify and evaluate the strategic options in brief?

Q : Define Process and Process Costing

Define Process and Process Costing: Process: The organized process of transforming inputs (that is, people, equipment, techniques, materials, and atmosphere), to outputs (that is, products or servi

Q : Significance of partnership deed Why is

Why is it significant to encompass a partnership deed in writing? Answer: Partnership deed is significant as it is a document stating relationship of each and every

Q : Define Opportunity Cost Opportunity

Opportunity Cost: The value of the substitutes foregone by approving a particular strategy or utilizing resources in a particular manner. Al so termed as Alternative Cost or Economic Cost.

Q : Explain Cost Allocation Cost Allocation

Cost Allocation: This is a technique of assigning costs to activities, outputs, or other cost objects. The allocation base employed to assign a cost to objects is not essentially the cause of the cost. For illustration, assigning the

Q : Techniques to liberate the function of

Write down the different techniques employed to liberate the function of management accounting?

Q : Planned product cost and the actual cost

A company has production facilities in several countries. Some of the products they sell are produced in stages (Raw Materials -> Pre-Assembly -> Assembly -> Finished Product) based on the technologies and materials involved (see Table 1).

Discover Q & A

Leading Solution Library

Avail More Than 1451352 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1945478
Asked

3,689

Active Tutors

1451352

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment