If capital accounts are fixed, where will you record the following items : (i) drawings (ii) interest on capital (iii) withdrawal of capital.

Asked by Last Modified  

Follow 3
Answer

Please enter your answer

Tutor

First two should mention in current Account and last one should mention in Capital Account.
Comments

I am best teacher of accountancy.

There are two capital accounts prepare, first one is fixed second flactuating . In fixed capital account has prepare two accounts fixed capital a/c and capital a/c so, Drawing and int. On capital will part of current a/c And capital withdraw part of capital a/c
Comments

PGT ACCOUNTANCY

Drawings = Current Acvount Int on capital = Current Account Withdrawal of Capital = fixed capital account
Comments

View 1 more Answers

Related Questions

Why should a new partner contribute towards goodwill on his admission?
Due to admission of a new partner, old partners have to share their part in their value of goodwill created till date. Hence they (old) partners wants contribution from new partner for their compromise...
Chittaranjan
Give two examples of â??Significant non cash transactionsâ??.
Goodwill written off during the year and depreciation charged on fixed assets
Vidyarajeev
0 0
9

Now ask question in any of the 1000+ Categories, and get Answers from Tutors and Trainers on UrbanPro.com

Ask a Question

Related Lessons

Meaning of partnership term
Partnership is the legal relation between two or more persons who have agreed to share profits and losses of the business carried on by all or any of them acting for all.




Recommended Articles

Raghunandan is a passionate teacher with a decade of teaching experience. Being a skilled trainer with extensive knowledge, he provides high-quality BTech, Class 10 and Class 12 tuition classes. His methods of teaching with real-time examples makes difficult topics simple to understand. He explains every concept in-detail...

Read full article >

Sandhya is a proactive educationalist. She conducts classes for CBSE, PUC, ICSE, I.B. and IGCSE. Having a 6-year experience in teaching, she connects with her students and provides tutoring as per their understanding. She mentors her students personally and strives them to achieve their goals with ease. Being an enthusiastic...

Read full article >

Mohammad Wazid is a certified professional tutor for class 11 students. He has 6 years of teaching experience which he couples with an energetic attitude and a vision of making any subject easy for the students. Over the years he has developed skills with a capability of understanding the requirements of the students. This...

Read full article >

Radhe Shyam is a highly skilled accounts and finance trainer with 8 years of experience in teaching. Accounting is challenging for many students and that’s where Radhe Shyam’s expertise comes into play. He helps his students not only in understanding the subject but also advises them on how to overcome the fear of accounts...

Read full article >

Looking for Class 12 Tuition ?

Learn from the Best Tutors on UrbanPro

Are you a Tutor or Training Institute?

Join UrbanPro Today to find students near you