#interest on drawings

Partnership Accounts 3

Interest on Drawings is:

Debited to Capital A/C partnership correct; deed provisions interest capital drawings as per Act.

Ref: NCERT Accountancy Class XII Chapter 2 Partnership Accounts explains partnership deed interest capital drawings profit appropriation guarantee provisions.

View Details

Partnership Accounts 3

Partners are supposed to pay interest on drawings only when agreed upon by the partners.

Both (a) & (c) above partnership correct; deed provisions interest capital drawings as per Act.

Ref: NCERT Accountancy Class XII Chapter 2 Partnership Accounts explains partnership deed interest capital drawings profit appropriation guarantee provisions.

View Details

Partnership Accounts 2

Directions For Questions Directions: Read the following case study and answer questions on the basis of the same. Sam an

Partnership deed includes firm name, partners names, commencement date, profit sharing ratio.

Ref: NCERT Accountancy Class XII Chapter 2 Partnership Accounts explains partnership deed interest capital drawings profit appropriation guarantee provisions.

View Details

Partnership Accounts 1

If a partner withdraws equal am ount at end of each quarter, then _____ are to be considered for interest on total drawi

4.5 months partnership correct; deed provisions interest capital drawings as per Act.

Ref: NCERT Accountancy Class XII Chapter 2 Partnership Accounts explains partnership deed interest capital drawings profit appropriation guarantee provisions.

View Details

Partnership Accounts 1

Where will you record the interest on drawings?

Interest on drawings credited to P&L Appropriation; income for firm, reduces partner capital.

Ref: NCERT Accountancy Class XII Chapter 2 Partnership Accounts explains partnership deed interest capital drawings profit appropriation guarantee provisions.

View Details