partnership accounts

Accounting rules for partnership are governed by the partnership act of

• 1933

• 1956

• 1932

• 2013

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

• Agreement

• Partnership Deed

• Partnership contract

• Partnership Act

When the partners capitals are fixed, the drawings made by a partner will be recorded in _____.

• Partner'sCapital account

• Partner's current account

• Profit and Loss Account

• None of these.

Interest payable on the capitals of the partners is charged to

• Profit and Loss Account

• Profit and Loss Adjustment Account

• Realisation Account

• Profit and Loss Appropriation Account

Which of the following is an appropriation of profit?

• Interest on loan

• Salary to partner

• Employees’ salary

• Rent

The minimum number of persons in a partnership firm is

• one

• two

• seven

In a partnership business, agreement is

• compulsory

• optional

• not necessary

In a partnership, partners share their profits and losses in ______ ratio

• their capital

• equal

• agreed

In the absence of partnership deed, partners shall

• be paid salaries

• not to be paid salaries

• paid salaries to those who work for the firm

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

• Interest Account

• Profit and Loss Account

• Partners’ Capital Accounts

• Partners’ Current Accounts