Partnership Fundamentals

A Partner Gaurav, withdrew rs. 12,000 in the beginning of each quarter during the year. Interest on drawings @8% chargeable to him will be :

• 1,440

• 2,400

• 2,080

• 1,760

On which side Partner's drawings out of capital will be recorded, when their capitals are fixed ?

• Debit Side of Capital A/C

• Credit Side of Current A/C

• Debit Side of Current A/C

• Credit Side of Current A/C

Which of the following items is not recorded in Profit and Loss Appropriation A/C?

• Interest on Partner's Capital

• Amount of Partner's drawings

• Profit as per Profit and Loss Account

• Commission to a Partner

Rent paid to a partner is debited to :

• Partner's Capital A/C

• Profit and Loss A/C

• Profit and Loss Appropriation A/C

• Partner's Current A/C

Which accounts are opened when partners have fluctuating capitals?

• Capital A/C

• Current A/C

• Both

The balances of Partner's Current Account can be :

• Debit Balance

• Credit Balance

• Always debit

• Either Debit or Credit

Vinod had withdrawn the following amounts during the year and Interest on Drawings is to be charged @12% P. a. The amount withdrawn are on 1.4.2020 - 10,000 ; 20.6.2020 - 16,000 ; 1.10.2020 - 20,000 ; 31.3.2021 - 4,000. Interest on Drawings is rs. _____________

Shyam a partner, in a partnership firm withdrew rs. 8,000 at the end of every month. The interest on drawings is to be charged for ______ months

The accumulated loss at the time of change in the profit-sharing ratio is treated as __________________________

If A, B and C are partners in a firm. If D is admitted as a new partner

• Old firm is dissolved

• Old firm and old partnership is dissolved

• Old partnership is reconstitued