partnership accounts -help guide
System
Posts: 100,534 🤖 Admin 🤖
Appropiation account<BR><BR>Dr______________________Cr<BR>1. Salary _________________3 . Net profit <BR>2. interest on capital_________4 . Interest on Drawings<BR> 5. Profit share<BR><BR>Total ______________________Total <BR><BR>In order to get profit share = (net profit + interest on drawings) - (salary + interest on capital)<BR>______________________________________________<BR>Current a/c<BR><BR>Dr______________________ Cr <BR>Interest on drawings________Balance from the previous yr (this may be either +ve or -ve)*<BR>Drawings_________________Interest on capital<BR>________________________Salary<BR>Closing Balance____________Profit Share<BR>Total____________________Total<BR><BR>* if the balance from the previous year is -ve, put on debit side.<BR>___________________________________________<BR>On a Balance sheet<BR><BR>Fixed Asset<BR>Current Assets<BR>Current liablities<BR><BR>Net Current Assets**<BR>
<BR>Capital Accounts<BR>Current Accounts***<BR>Total of cap + current **<BR>
<BR>** NCA = the total vlaue of capital & current a/c<BR><BR>*** current account = Bal of previous yr + profit share - drawings <BR><BR>I hope this helps ppl.<BR>
<BR>Capital Accounts<BR>Current Accounts***<BR>Total of cap + current **<BR>
<BR>** NCA = the total vlaue of capital & current a/c<BR><BR>*** current account = Bal of previous yr + profit share - drawings <BR><BR>I hope this helps ppl.<BR>
0