Past Adjustments in Partnership Accounts
After preparing the Capital accounts of the partners it is sometimes discovered that there is some …
Fundamentals of Partnership Accounting
Accountancy Class 12
Accountancy – Class 12 category includes all the posts relating to various chapters of Accountancy Class 12.
Fundamentals of Partnership Accounting
Capital Ratio – Ratio of Effective Capitals
Sometimes the Profit-sharing ratio is based on partners’ capitals which keep on changing with …
Fundamentals of Partnership Accounting
Interest on Partner’s Loan to the Firm
For the purpose of recording the amount lent by any partner to the firm over and above …
Fundamentals of Partnership Accounting
Calculation of Partner’s Commission
A partner is entitled to receive Commission or any other remuneration only if provided in Partnership Deed.
Fundamentals of Partnership Accounting
Interest on Drawings by Partner
Interest on Partner’s Drawings is not to be charged in the absence of provision regarding this in the partnership deed.
Fundamentals of Partnership Accounting
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.
Fundamentals of Partnership Accounting
Fixed and Fluctuating Capital Accounts of the Partners
If partners decide to keep their capitals intact and same throughout the accounting year they prepare …
Fundamentals of Partnership Accounting
Profit and Loss Appropriation Account
Profit and Loss Appropriation Account is a nominal account prepared for the purpose of distributing profits/losses …
Fundamentals of Partnership Accounting
Partnership Deed
Partnership deed is a written agreement among the partners containing the terms and conditions …
General - Accountancy 12
Common Mistakes in Accountancy Exam Class 12
Most common mistakes made by the students attempting 12th Accountancy exam. have been mentioned here.