PARTNERSHIP FUNDAMENTALS, (CBSE-2021-22)
Flashcard
•
Business, Education, Other
•
12th Grade
•
Hard
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13 questions
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1.
FLASHCARD QUESTION
Front
Partners’ Current Accounts are opened when their capital accounts are
Back
Fixed
2.
FLASHCARD QUESTION
Front
The interest on capital accounts of partners under the fluctuating capital account method is credited to
Back
Partners’ Capital Accounts
3.
FLASHCARD QUESTION
Front
In the absence of an agreement to the contrary, partners share profits and losses in the
Back
Equal ratio
4.
FLASHCARD QUESTION
Front
In the absence of an agreement to the contrary, the partners are
Back
Not entitled for any interest in their capitals
5.
FLASHCARD QUESTION
Front
The current account of a partner
Back
May have a debit or credit balance
6.
FLASHCARD QUESTION
Front
Interest payable on the capitals of the partners is changed to
Back
Profit and Loss Appropriation Account
7.
FLASHCARD QUESTION
Front
Interest on partner’s drawing under a fluctuating capital account is debited to
Back
Partner’s Capital Account
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