Fundamentals of...

When a partner withdraws Rs.4000 at the beginning of each quarter, the interest on his drawings @ 6% p.a. will be Rs.:

Credit balance of Current Account is shown in which side of Balance sheet:

If Rs. 3,000 withdrawn by a partner on the first day of every quarter, interest on drawings will be calculated for:

Money withdrawn by a partner on 1st July Rs. 20,000 and interest on drawings is fixed @ 6% (Books are closed on 31st March.) The amount of interest will be Rupees:

How to calculate Commission as % of Net Profit after charging such commission

What will be the adjusting entry to provide for Interest on Partner’s loan?

A and B are partners sharing profit and losses in the ratio of 3:5. On 1st July, 2012 A and B advanced loan to the business of Rs. 40,000 and Rs.20,000 respectively at the agreed @ 5% p.a. Calculate Interest on loan. When accounting books are closed on 31st December every year and partnership deed allows interest on loan to the partners.

Profit and Loss appropriation account is differ from Profit and Loss account as it is prepared by

If dates of the withdrawal of drawings are not given then interest on drawings should be charged:

Interest on capital as a charge against profits in case of insufficient profit is

Items listed below appear in the Profit and loss appropriation account except:

When interest on capital is paid whether there is profit or loss it is known as

How would you calculate interest on drawing of equal amount drawn on the last day of every month?

When rate of Interest on Drawings is given without the word per annum, interest will be calculated _____

Rent paid to a partner comes under:

Salary paid to a partner will be shown in:

Sometimes a partner may be guaranteed a minimum amount of his share in profits by

What journal entry is to be recorded in the books of account when Balance of Profit and Loss Account is transferred to the Profit and Loss Appropriation account.

Salary or Commission to a partner is an

Interest on capital to be given to X & Y when Profits shown by P/L A/C Rs. 1500 and capitals invested by X & Y are Rs. 30,000 and 20,000 (rate of interest is 10% p.a.).

Why sometimes partners transfer some amount of profit to reserve?

How fixed capital account is differ from fluctuating capital account?

Salary paid to the manager will be shown in:

Interest on capital is calculated on

Under fluctuating Capital method how many accounts of each partner is maintained