Partnership Accounting – Fundamentals

///Partnership Accounting - Fundamentals
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12 02, 2016

Guarantee of Profits

Guarantee means the surety of a particular amount of profits to a partner by one or more partners, where the burden of guarantee is borne by the partners providing guarantee.
11 02, 2016

Past Adjustments – Questions

The answer can be almost correct if the totals of Net Dr. amount and Net Cr. amount in comparative table are equal.
10 02, 2016

Past Adjustments – Illustrations

A, B and C, are partners with capitals of ₹100,000, ₹200,000 and ₹300,000 respectively sharing profits and losses in the ratio of 3:2:1. The partnership deed provides for allowing interest on..........
9 02, 2016

Past Adjustments – Adjustment of Closed Partnership Accounts

After preparing the Capital accounts of the partners it is sometimes discovered that there is some error in the calculation or omission of one or more items like: Interest on capital, Interest on Drawings, etc.
8 02, 2016

Capital Ratio – Profit Sharing Ratio Based on Capitals

Sometimes the Profit sharing ratio is based on partners’ capitals which keep on changing with every withdrawal or addition of capital. In this case the ratio of Effective Capitals is to be used as Profit sharing ratio.
7 02, 2016

Interest On Partner’s Loan

For the purpose of recording the amount lent by any partner to the firm over and above his capital, the concerned partner must be considered as an outsider(creditor).
6 02, 2016

Partner’s Commission

A partner is entitled to receive Commission or any other remuneration only if provided in Partnership Deed.
5 02, 2016

Interest on Partner’s Drawings

Interest on Partner's Drawings is not to be charged in the absence of provision regarding this in the partnership deed.
4 02, 2016

Interest on Partner’s Capital

Interest on Capital contributed by a partner to the firm is to be allowed only if it is provided in the Partnership Deed.
3 02, 2016

Types of Partners’ Capital Accounts

If partners decide to keep their capitals intact and same throughout the accounting year they prepare Current Accounts in addition to Capital accounts for.............
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