WorksheetsCurrent and Capital Account
Total questions: 8
Worksheet time: 6mins
Under Fixed Capital method, drawings of each partner is debited in his (a)
Partners’ Current Accounts are opened when their capital accounts are
Fixed
Fixed and Fluctuating both
Fluctuating
None of these
The interest on capital accounts of partners under the fluctuating capital account method is credited to
Interest Account
Partners’ Capital Accounts
Profit and Loss Account
Partners’ Current Accounts
The current account of a partner
Will always have a credit balance
Can never have a debit balance
Will always have a debit balance
May have a debit or credit balance
Interest on partner’s drawing under a fluctuating capital account is debited to
(a)
Which of the following is an appropriation of profit?
Interest on loan
Interest on Capital
Rent
Employees’ salary
In a business, A and B invested amounts in the ratio of 2 : 1, whereas the ratio between and B was 3 : 2. If
the firm earned a profit of Rs. 1,20,000, how much amount did B receive?
(a)
Commission paid to partners is debited to (a)
