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 : Management accounting as an information

Explain Management accounting as an information system in brief?

Q : Define Cost Accounting Practice Cost

Cost Accounting Practice: Any disclosed or recognized accounting process or technique that is used for the measurement of cost, assignment of cost to cost objects and assignment of cost to accounting periods.

Q : Understandability-Accounting information

What do you mean by the term Understandability which is accounting information?

Q : Explain Value-Added Activity

Value-Added Activity: An activity which is judged to contribute to customer value or gratify an organizational requirement. The characteristic "value-added" reflects a belief that the activity can’t be removed without decreasing

Q : Contents of a partnership deed State

State some contents of a partnership deed. Answer: A) Name of the firm.B) Name and complete address of the Partners.C) The date of formation and period of Partnership.D) Ratio in which gain or loss

Q : Calculate From the books of Aggarwal

From the books of Aggarwal Bors, the following information have been extracted: Rs. Sales 2,40,000 Variable costs 1,44,000 Fixed costs 26,000 Profit before tax 70,000 Rate of tax 40% The firm is proposing to buy a new plant which can generate additional annual profit of Rs. 10,000. The fixed

Discover Q & A

Leading Solution Library

Avail More Than 1459014 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1943331
Asked

3,689

Active Tutors

1459014

Questions
Answered

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

Submit Assignment