Introduction to Partnership Accounts
SHORT ANSWERS: (Write at least Few lines)
- What do you mean by profit & loss appropriation account? Why is it prepared?
- What are the usual adjustments that are to be adjusted in partnership final account?
- If Profit sharing ratio is not given, how you will share the profit between the partners?
- Rami and Rahim were partners in a firm. The firm earned a profit of OMR 60,000. C was
entitled to a commission of 5% before charging such a commission. You are required to
calculate the commission payable to Mr. Rahim.
- What adjusting entries would you record for the following:
(b) Discount on debtors
(c) Interest on capital
(d) Manager’s commission