B Com Exam > B Com Videos > Advanced Corporate Accounting > Partnership Accounts - Adjusted Profit & Loss A/c Problem with Fixed Capital Accounts
Partnership Accounts - Adjusted Profit & Loss A/c Problem with Fixed Capital Accounts Video Lecture | Advanced Corporate Accounting - B Com
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FAQs on Partnership Accounts - Adjusted Profit & Loss A/c Problem with Fixed Capital Accounts Video Lecture - Advanced Corporate Accounting - B Com
| 1. What is the purpose of preparing an Adjusted Profit & Loss A/c in partnership accounts? |  |
Ans. The Adjusted Profit & Loss A/c in partnership accounts is prepared to calculate the true profit or loss of the business after adjusting for various expenses, incomes, and other relevant financial transactions.
| 2. How are Fixed Capital Accounts maintained in partnership accounts? | |
Ans. Fixed Capital Accounts in partnership accounts are maintained by recording the fixed capital contributed by each partner at the beginning of the partnership and any changes in the capital account during the accounting period.
| 3. What adjustments are typically included in the Adjusted Profit & Loss A/c for partnership accounts? | |
Ans. Adjustments in the Adjusted Profit & Loss A/c for partnership accounts may include salaries, interest on capital, interest on drawings, commission to partners, and any other relevant expenses or incomes related to the partnership.
| 4. How do partnership agreements impact the preparation of Adjusted Profit & Loss A/c? | |
Ans. Partnership agreements may specify how profits and losses are to be shared among partners, which can affect the adjustments made in the Adjusted Profit & Loss A/c. It is important to adhere to the terms of the partnership agreement while preparing the account.
| 5. Can partners' drawings be included in the Adjusted Profit & Loss A/c? | |
Ans. Yes, partners' drawings are typically adjusted for in the Adjusted Profit & Loss A/c to calculate the true profit or loss of the business. Drawings are considered as a reduction in the capital of the partners and should be accounted for accordingly.
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Dec 23, 2024 Last updated |
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