ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Capital and Current Accounts Example
- We have already looked at capital and current accounts here
- This is the solution to the question posted here
- We will use fixed capital accounts and current accounts to show the entries
The Capital Accounts
The Current Accounts for the partners
|Balance b/d||600||Balance b/d||2 000|
|Interest on current account||30||Interest on Capital||5 000||2 500|
|Drawings||15 860||10 910||Interest on current account||100|
|Balance c/d||9 340||5 060||Salary||12 000||8 000|
|Share of Profit||6 100||6 100|
- This hopefully illustrates some of the basic entries that are required to b entered in Current Accounts
To access more topics go to the Principles of Accounts Notes.
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