Transfer to Capital Account
This query is : Resolved
22 February 2022
In a partnership firm there are three partners and there Ratio in firm are respectively,
A-50%
B-40% and
C-10
Net profit for the F.Y 2020-21 50,00,000 , i want to net profit transfer to partners capital account
is below entry passed are correct or wrong, Please reply.
Profit and Loss A/c Dr -50,00,000
To A Capital Account Rs. 25,00,000
To B Capital Account Rs, 20,00,000
To C Capital Account Rs 5,00,000
A-50%
B-40% and
C-10
Net profit for the F.Y 2020-21 50,00,000 , i want to net profit transfer to partners capital account
is below entry passed are correct or wrong, Please reply.
Profit and Loss A/c Dr -50,00,000
To A Capital Account Rs. 25,00,000
To B Capital Account Rs, 20,00,000
To C Capital Account Rs 5,00,000
22 February 2022
It's right entry passed.
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