Meaning of Charge Against profits All the items which go to firms profit and loss A/c are charge against profits. These are called charge as these are to be paid whether the firm earns profits or incur losses. These items are deducted from the Revenue from operations (Sales) of firm to find the Net profit […]
Charge Against Profits vs Appropriation of Profits Read More »
Meaning of Capital Meaning – In simplest terms , Capital means the amount that a person invests in business. This investment can be in any form be it cash or kind (Machinery, building, vehicle, stock, etc.).Considering that the business is a separate entity in accounting sese , the capital invested by the owner also becomes
Partner Capital A/c Read More »
What is drawings in Partnership Accounts Drawings means any amount withdrawn , either in cash or kind, by partners for personal use from the firm. Usually we think that drawings is done only in cash. But this is not correct. Drawings can be done in the form of any asset like cash, machine, vehicle, computer,
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What is Interest on Capital Meaning – Interest on Capital is an appropriation of profits in case of partnership. It is a way to compensate more the partners who have contributed more capital compared to other partners. Since it is an appropriation so it is neither a profit nor loss for the firm. The key
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What is Partnership Partnership is an association between two or more persons who agree to do business and share profits and losses What is Partnership Deed It is pertinent to note that the partnership can be formed either by an oral or a written agreement among the partners. Partnership Deed is a written document which
Provisions applicable in the absence of partnership Deed Read More »
For English Users Hello! Explore the helpful solutions for Accounts Class 12 focusing on Partnership Accounts – Fundamentals. Here you’ll find clear explanations and answers to questions 41 to 50 .The solutions are aligning with the CBSE/ICSE/State Boards curriculum for 2023-2024. Whether you’re student or a teacher, these solutions are here to assist you. Go
For English Users Hello! Explore the helpful solutions for Accounts Class 12 focusing on Cash Flow Statements. Here you’ll find clear explanations and answers to questions 51 to 60 .The solutions are aligning with the CBSE/ICSE/State Boards curriculum for 2023-2024. Whether you’re student or a teacher, these solutions are here to assist you. Go through
T S Grewal Solutions Class 12 – 2023-2024-Cash Flow Statement -Q Nos 51 to 60 Read More »
For English Users Hello! Explore the helpful solutions for Accounts Class 12 focusing on Cash Flow Statements. Here you’ll find clear explanations and answers to questions 41 to 50 .The solutions are aligning with the CBSE/ICSE/State Boards curriculum for 2023-2024. Whether you’re student or a teacher, these solutions are here to assist you. Go through
T S Grewal Solutions Class 12 – 2023-2024-Cash Flow Statement -Q Nos 41 to 50 Read More »
For English Users Hello! Explore the helpful solutions for Accounts Class 12 focusing on Cash Flow Statements. Here you’ll find clear explanations and answers to questions 31 to 40 .The solutions are aligning with the CBSE/ICSE/State Boards curriculum for 2023-2024. Whether you’re student or a teacher, these solutions are here to assist you. Go through
T S Grewal Solutions Class 12 – 2023-2024-Cash Flow Statement -Q Nos 31 to 40 Read More »
For English Users Hello! Explore the helpful solutions for Accounts Class 12 focusing on Cash Flow Statements. Here you’ll find clear explanations and answers to questions 21 to 30 .The solutions are aligning with the CBSE/ICSE/State Boards curriculum for 2023-2024. Whether you’re student or a teacher, these solutions are here to assist you. Go through
T S Grewal Solutions Class 12 – 2023-2024-Cash Flow Statement -Q Nos 21 to 30 Read More »
