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Partner's Capital Accounts and Profit Sharing

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Partner's Capital Accounts and Profit Sharing

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Questions and Answers

What is the amount of depreciation charged on the Machinery Mart account in the first year?

1,01,374

What is the balance brought down in the Machinery Mart account on 31st March 2011?

4,05,498

What is the amount of depreciation charged on the Machinery Mart account in the second year?

81,100

What is the journal entry to record the sale of investment?

Bank A/c Dr. To Investment A/c To Profit on sale of investment Signup and view all the answers

What is the amount of interest charged in the first year?

53,531 Signup and view all the answers

What is the balance carried down in the Machinery Mart account on 31st March 2012?

3,24,398 Signup and view all the answers

What is the provision for depreciation created in the first year?

1,01,374 Signup and view all the answers

What is the amount of depreciation charged on the Machinery Mart account in the third year?

64,880 Signup and view all the answers

What is the journal entry to record the re-possession of machinery?

By Machinery Mart A/c (Machinery Re-Possess) Signup and view all the answers

What is the amount of interest charged in the second year?

40,148 Signup and view all the answers