Question
If 6% interest is to be allowed on a capital of
₹10,00,000, what will the adjusting entry be for this will in the books of the partnership firm?Solution
Interest = ₹10,00,000 × 6% Interest = ₹60,000 So, the adjusting entry in the books of the partnership firm would be: Debit: Interest Expense [Interest on capital] & Credit: Partner’s capital account as the firm needs to pay partners so there is an increase in liability.
Which of the following is a correct statement about Part XXII (short title, commencement) of the Constitution and the authoritative text in Hindi?
The Power of Revision under Section 115 of Code of Civil Procedure lies with:
As per Section 17 A of the Mines and Minerals (Development and Regulation) Act, 1957, when can the Central government reserve any area for mining?
Freedom as to payment of taxes is available to protect religion with respect to:
Under the proviso to Section 8(1) (clarified through jurisprudence), what happens if a dispute partially falls within an arbitration agreement's scope?�...
The arbitral proceedings in respect of a particular dispute commence on the date on which a request for that dispute to be referred to arbitration is �...
Which of the following is essential requirement of 'Gift"?
Under the BSA, who has the burden of proof in a civil suit?
A bank or any other person participating in a payment system and includes the system provider is known as
Which of the following is the constitutional basis of GST in India?
