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Vinod had withdrawn the following amounts during the year and Interest on Drawings is to be charged @12% P. a. The amount withdrawn are on 1.4.2020 - 10,000 ; 20.6.2020 - 16,000 ; 1.10.2020 - 20,000 ; 31.3.2021 - 4,000.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

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 (a)   months

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

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