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

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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 The amount withdrawn is debited to the partner's capital account, and the corresponding entry is made in the cash or bank account.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.

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