PARTNERSHIP FUNDAMENTALS, (CBSE-2021-22)

Front

Partners’ Current Accounts are opened when their capital accounts are

Back

Fixed

Front

The interest on capital accounts of partners under the fluctuating capital account method is credited to

Back

Partners’ Capital Accounts

Front

In the absence of an agreement to the contrary, partners share profits and losses in the

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Equal ratio

Front

In the absence of an agreement to the contrary, the partners are

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Not entitled for any interest in their capitals

Front

The current account of a partner

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May have a debit or credit balance

Front

Interest payable on the capitals of the partners is changed to

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Profit and Loss Appropriation Account

Front

Interest on partner’s drawing under a fluctuating capital account is debited to

Back

Partner’s Capital Account

Front

The written agreement of partnership is most commonly referred to as :

Back

Partnership Deed

Front

Which of the following is an appropriation of profit? Interest on loan, Interest on Capital, Employees’ salary, Rent

Back

Interest on Capital

Front

In which year was the Partnership Act passed?

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1932