What is drawing?

What is partner's current Account?

Suresh and Ramesh are partners in a firm with capitals of Rs. 3,00,000 and Rs. 4,00,000 respectively. The do not have a partnership deed. Ramesh wants to share the profits in the ratio of capitals. State with reason whether the claim is valid

A and B are partners in a firm without a partnership deed. A is an active partner and claims a salary of Rs. 18,000 per month. State with reasons whether the claim is valid or not

Interest on partner's capital and interest on drawings are recorded through profit and loss appropriation account instead of profit and loss account. Why?

How is interest on drawings calculated, if the drawings are made at regular intervals as on the first day of each month?

Salary or commission paid to a partner is debited to profit and loss appropriation account and not to profit and loss account. Why?

An accountant of the firm has debited interest on partner's loan to the profit and loss appropriation account and credited to the partner's capital account. Is he correct?

State where the following items shall appear in case the capital contributed by partners remain fixed
i) Interest on capital
ii) Withdrawal of capital
iii) Fresh capital introduced
iv) Drawings
v) Share of profit by a partner

What are final accounts prepared by partnership?

How to calculate the interest on Capital of the parttrers?

How to calculate the interest on drawings under direct method?

What is the procedure for calculirting interest on drawing under product method?

Kannan is a partner who withdrew Rs. 60,000 during the year 2018. Interest on drawings is charged. Calculate interest on drawings 31^st December 2018.

Karthik and Sethu are partners. Net Profit Rs. 2,20,000. Karthick get Commission of 10%. If net profit before Charging any commission. Sethu get a commission of 10%, on net profit after changing all Commission.