Partner's Accounts Quiz

Balance of partner's current accounts are :

• Debit balance

• Credit balances

• Debit or Credit balances

• Neither Debit nor credit balances

If the Partners' Capital Accounts are fixed 'salary payable to partner' will be recorded :

• On the debit side of Partners' Current Account

• On the debit side of Partners' Capital Account

• On the credit side of Partners' Current Account

• None of the above

If the Partner's Capital Accounts are fixed, interest on capital will be recorded:

• On the credit side of Current Account

• On the credit side of Capital Account

• On the debit side of Current Account

• On the debit side of Capital Account

If the Partner's Capital Accounts are fluctuating, in that case following item/items will be recorded in the credit side of capital accounts :

• Interest on capital

• Salary of partners

• Commission of partners

• All of the above

Interest on partner's capitals will be debited to :

• Profit and Loss Account

• Profit and Loss Appropriation Account

• Partner's Capital Accounts

• None of the Above

Interest on Partner's drawings will be debited to :

• Profit and Loss Account

• Profit and Loss Appropriation Account

• Partner's Current Account

• Interest Account

On 1st April 2018, 2fs Capital was ₹2,00,000. On 1st October 2018, he introduces additional capital of ₹1,00,000. Interest on capital @ 6% p.a. on 31st March, 2019 will be :

• ₹9,000

• ₹18,000

• ₹10,500

• ₹15,000

Xand Y are partners in the ratio of 3 : 2. Their capitals are ?2,00,000 and ₹1,00,000 respectively. Interest on capitals is allowed @ 8% p.a. Firm earned a profit of ?60,000 for the year ended 31st March 2019. Interest on Capital will be :

• X ₹16,000; Y ₹8,000

• V ₹8.000; Y ₹4,000

• X ₹14,400; Y ₹9,600

• No Interest will be allowed

X and Y are partners in the ratio of 3 : 2. Their capitals are ₹2,00,000 and ₹1,00,000 respectively. Interest on capitals is allowed @ 8% p.a. Firm earned a profit of ₹15,000 for the year ended 31st March 2019. Interest on Capital will be :

• X ₹16,000; Y ₹8,000

• X ₹9,000; Y ₹6,000

• X ₹10,000; Y ₹5,000

• No Interest will be allowed

X and Y are partners in the ratio of 3 : 2. Their capitals are ₹2,00,000 and ₹1,00,000 respectively. Interest on capitals is allowed @ 8% p.a. Firm incurred a loss of ₹60,000 for the year ended 31st March 2019. Interest on Capital will be :

• X ₹16,000; Y ₹8,000

• A ₹8,000; Y ₹4,000

• X ₹14,400; Y ₹9,600

• No Interest will be allowed