In the absence partnership deed, interest on loan of a partner is allowed

Partnership-basic concepts

Quiz
•
Other
•
9th - 12th Grade
•
Medium
RAMLA ISMAIL
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11 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
8%
6%
No interest
12%
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Partners current accounts are opened, when their capital accounts are------
fixed
fluctuating
fixed and fluctuating
None of these
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The interest on capital accounts of partners under fluctuating capital account method is credited to----e
Interest account
profit and loss account
partners capital account
partners current account
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the absence of an agreement, to the contrary, partners share profits and losses in the-----
capital ratio
average capital
capital at the beginning
Equal ratio
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
current account of a partner
only credit balance
will always have debit balance
may have debit or credit balance
None
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
when capitals are fixed, the drawings made by a partner will be recorded in ------
partners capital account
profit and loss account
partners current account
none
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To which account, partners commission ,salary & interest on capital be debited
P& L Appropriation account
capital account
current account
P&L account
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