--%>
Assignment Help - homework help

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.

   Related Questions in Managerial Accounting

  • Q : What is Incremental Cost Incremental

    Incremental Cost: The raise or reduction in total costs which would result from a decision to raise or reduce output level, to add a service or task, or to modify any part of operations. This information aids in making decisions such

    		•
  • 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 : Define Common Cost Common Cost : It is

    Common Cost: It is the cost of resources used jointly in the production of two or more outputs and the cost can’t be directly traced to any one of those outcomes.

    		•
  • Q : Cash shortage/overage An income

    An income statement item that represents the difference between the actual cash amount and an accounting measure of how much cash there should be. The most common example exists in a retail situation where the cash in the cash register is compared to the register tape

    		•
  • Q : What is Outputs Outputs : Any product

    Outputs: Any product or service formed from the consumption of resources. This can comprise information or paper work produced by the completion of the tasks of an activity.

    		•
  • Q : Rights of each partner The rights of

    The rights of each partner: Under the Partnership Act, partners have the right to: Share equally in profits and losses; Indemnity; Interest on advances; Interest on capital; Share in management of

    		•
  • Q : Business law Hello, I am  Lauren

    Hello, I am Lauren Garcia, i have paid for question, please answer me here. Describe what parts of business law are involved in the following scenario. What issues are in

    		•
  • Q : Benefit of economic in accounting

    Write down a short note on the benefit of economic in accounting management information?

    		•
  • 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 : What find out the size of this loss

    What find out the size of this loss? The size of the deadweight loss is based on the elasticity of supply and demand. As the elasticity of demand increases and the elasticity of supply decreases, that means as sup

    		•