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- 1. Multiple Choice
Partners current account are opened when their capital accounts are
fixed
fixed and fluctuating both
fluctuating
none of above
- 2. Multiple Choice
The interest on capital accounts of partners under the fluctuating capital account method is credited to
interest account
profit and loss account
Partner's capital account
None of above
- 3. Multiple Choice
In the absence of an agreement to the contrary, partner's share profit and losses in the
Ratio of their capital in the beginning of the Year
Ratio of their capital at the end of the year
Ratio of average capital
equal ratio
- 4. Multiple Choice
In the absence of an agreement to the contrary ,the partnership are
Entitled for 6% interest on their capital ,only when they are profit
Entitled for 9% interest on their capital only when their profits
Entitled for interest on capital at the bank rate ,only when there are profits
Not entitled for any interest on their capitals
- 5. Multiple Choice
Current account of a partner
Will always have a credit balance
Will always have a Debit balance
May have a Debit balance aur credit balance
Can never have a Debit balance
- 6. Multiple Choice
Interest payable on the capital of the partners is charged to
Profit and loss account
Profit and loss adjustment account
Realisation account
Profit and Loss appropriation account
- 7. Multiple Choice
Interest on partners drawing under fluctuating capital account is debited to
Partners capital account
Profit loss account
Drawing account
None of the above
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