P & L Appropriation A/C – Test 2

Interest o drawing is:-

Partners are suppose to pay interest on drawing only when ______ by the _______

In partnership under fixed capital account method, which of the following account is opened?

When a partner is given Guarantee by the other partner, loss on such guarantee will be borne by-

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

In partnership under fixed capital account method, recording the transaction relating to drawings, interest on capital, commission, salary, share of profit or loss are made in-

Guarantee given to a partner A by the other Partner B & means –

In partnership under fluctuating capital account method, recording the transaction relating to drawings, interest on capital, commission, salary, share of profit or loss are made in-

Which of the following entry will be passed for providing partner’s salary?

what would be the profit sharing ratio if the partnership act is complied with?

If there is no partnership deed or if there is no provision in it indicating a contrary intention_______ has a right to take part in the conduct of the business of the firm and also the right of free access to all records books and accounts of the firm.

Would interest on loan be allowed in the absence of any agreement or when partnership deed is silent?

Salary of a partners is –

If there is no partnership deed or if there is no provision in it indicating a contrary intention, partners share profits and losses-

Profit & Loss Appropriation A/c is prepared –

If there is no partnership deed or if there is no provision in it indicating a contrary intention and where a partner has advanced any loan to the firm and the agreement provides for interest, but does not specify any rate, the shall be –

Which of the following entry will be passes for recording interest on partner’s drawing?

If there is nor partnership deed or if there is no provision in it indicating a contrary intention, _____ is to be charged on drawings

Where will you record interest on drawings?

In absence of specific provisions in the partnership deed…….. salary would be paid to the partners

Partners drawing appears on-

What balance does a partner’s Current Account has?

Is rent paid to a partner is appropriation of profits?

Interest on partners capital is chargeable-

How would you close the Partner’s Drawings Account?