If the capitals of the partners are fixed Pass Journal Entries-02155
This subjective question is related to the book/course
vu mgt611 Business & Labor Law.
It can also be found in
vu mgt611 Mid Term Solved Past Paper No. 2.
Question 1: If the capitals of the partners are fixed, Pass Journal Entries for the following:
- . Drawings made by partner
- . Excess drawn amount is returned by partner
- . Profit distribution among partner
Answer:
| 1) | Partner's Current A/c | DEBIT | Cash/Bank A/c | CREDIT |
| 2) | Cash/Bank | DEBIT | Partner's Current A/c | CREDIT |
| 3) | Profit & Loss A/c | DEBIT | Partner's Current A/c | CREDIT |
