ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Capital and Current Accounts Example

The Capital Accounts

SaveMoyo Capital AccountsSaveMoyo
Details$$$$
Balance c/d

100 000

50 000

Balance b/d

100 000

50 000

The Current Accounts for the partners

SaveMoyoCurrent AccountsSaveMoyo
Details$$$$
Balance b/d600Balance b/d2 000
Interest on current account30Interest on Capital5 0002 500
Drawings15 86010 910Interest on current account100
Balance c/d9 3405 060Salary12 0008 000
Share of Profit6 1006 100
Drawings

25 200

16 600

25 200

16 600

  • 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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