Net profit transfer to Partners capital account
This query is : Resolved
20 February 2022
In a partnership firm there are three partners , Theirs profit sharing ratio is as follow respectively
A-50%
B-40% and
C-10%
Net profit for FY 2020-21 is Rs. 50,00,000
Now i want to transfer Net profit to partners capital account,
can i pass journal entry as below
Net Profit Dr. Rs. 50,00,000
A Capital Account Cr. Rs. 25,00,000
B Capital Account Cr rs. 20,00,000
C Capital Account Rs. 5,00,000
Please reply entry passed are true or False.
A-50%
B-40% and
C-10%
Net profit for FY 2020-21 is Rs. 50,00,000
Now i want to transfer Net profit to partners capital account,
can i pass journal entry as below
Net Profit Dr. Rs. 50,00,000
A Capital Account Cr. Rs. 25,00,000
B Capital Account Cr rs. 20,00,000
C Capital Account Rs. 5,00,000
Please reply entry passed are true or False.
20 February 2022
Yes, it's true...........
21 February 2022
You are welcome.......
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