Open App

Commerce Exam > Commerce Videos > Maintenance of Capital Accounts of Partners (Practical Question) - Class 12, Accountancy

Maintenance of Capital Accounts of Partners (Practical Question) - Class 12, Accountancy Video Lecture - Commerce

Top Courses for Commerce

View all

FAQs on Maintenance of Capital Accounts of Partners (Practical Question) - Class 12, Accountancy Video Lecture - Commerce

1. What is the purpose of maintaining capital accounts of partners?

Ans. The purpose of maintaining capital accounts of partners is to keep track of the amount of capital contributed by each partner to the partnership. It helps in determining the ownership interest of each partner and ensures transparency in the distribution of profits and losses.

2. How are capital accounts of partners maintained?

Ans. Capital accounts of partners are maintained by recording the capital contributions made by each partner at the beginning of the partnership and any additional capital introduced during the course of the partnership. The capital accounts are also adjusted for the share of profits or losses allocated to each partner and withdrawals made by partners.

3. What is the importance of maintaining accurate capital accounts of partners?

Ans. Accurate maintenance of capital accounts of partners is important for various reasons. It helps in determining the financial position of the partnership, facilitates the distribution of profits and losses in a fair manner, assists in settling disputes among partners, and provides a basis for calculating interest on partner's capital.

4. How are withdrawals by partners recorded in the capital accounts?

Ans. Withdrawals made by partners are recorded as a reduction in their respective capital accounts. The amount withdrawn is debited to the partner's capital account, and the corresponding entry is made in the cash or bank account. This ensures that the partner's capital account reflects the remaining capital after the withdrawal.

5. What happens if a partner introduces additional capital during the course of the partnership?

Ans. If a partner introduces additional capital during the course of the partnership, it is recorded as an increase in their capital account. The new capital contribution is credited to the partner's capital account, and the corresponding entry is made in the cash or bank account. This increases the partner's ownership interest in the partnership.

Related Exams

Commerce

About this Video

	1.4K Views
	4.98/5 Rating
	Nov 25, 2024 Last updated

Maintenance of Capital Accounts of Partners (Practical Question) - Class 12, Accountancy for Commerce2024 is part of Commerce preparation. The notes and questions for Maintenance of Capital Accounts of Partners (Practical Question) - Class 12, Accountancy have been prepared according to the Commerce exam syllabus. Information about Maintenance of Capital Accounts of Partners (Practical Question) - Class 12, Accountancy covers all important topics for Commerce2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Maintenance of Capital Accounts of Partners (Practical Question) - Class 12, Accountancy.

Introduction of Maintenance of Capital Accounts of Partners (Practical Question) - Class 12, Accountancy in English is available as part of our Commerce preparation & Maintenance of Capital Accounts of Partners (Practical Question) - Class 12, Accountancy in Hindi for Commerce courses. Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.

Description

Video Lecture & Questions for Maintenance of Capital Accounts of Partners (Practical Question) - Class 12, Accountancy Video Lecture - Commerce - Commerce full syllabus preparation | Free video for Commerce exam.

Information about Maintenance of Capital Accounts of Partners (Practical Question) - Class 12, Accountancy

Here you can find the Maintenance of Capital Accounts of Partners (Practical Question) - Class 12, Accountancy defined & explained in the simplest way possible. Besides explaining types of Maintenance of Capital Accounts of Partners (Practical Question) - Class 12, Accountancy theory, EduRev gives you an ample number of questions to practice Maintenance of Capital Accounts of Partners (Practical Question) - Class 12, Accountancy tests, examples and also practice Commerce tests.

Explore Courses for Commerce exam

Signup for Free!

Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.

Start learning for Free

10M+ students study on EduRev

Previous Year Questions with Solutions

Semester Notes

mock tests for examination

Maintenance of Capital Accounts of Partners (Practical Question) - Class 12

Summary

practice quizzes

past year papers

pdf

Viva Questions

study material

Objective type Questions

Maintenance of Capital Accounts of Partners (Practical Question) - Class 12

Extra Questions

shortcuts and tricks

MCQs

Maintenance of Capital Accounts of Partners (Practical Question) - Class 12

video lectures

Important questions

Accountancy Video Lecture - Commerce

ppt

Accountancy Video Lecture - Commerce

Exam

Free

Accountancy Video Lecture - Commerce

Sample Paper

;

Study Maintenance of Capital Accounts of Partners (Practical Question) - Class 12, Accountancy on the App

Students of Commerce can study Maintenance of Capital Accounts of Partners (Practical Question) - Class 12, Accountancy alongwith tests & analysis from the EduRev app, which will help them while preparing for their exam. Apart from the Maintenance of Capital Accounts of Partners (Practical Question) - Class 12, Accountancy, students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc. The EduRev App will make your learning easier as you can access it from anywhere you want. The content of Maintenance of Capital Accounts of Partners (Practical Question) - Class 12, Accountancy is prepared as per the latest Commerce syllabus.

Education Revolution