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प्रश्न
Assertion (A) - Commission provided to partner is shown in Profit and Loss A/c.
Reason (R) - Commission provided to partner is charge against profits and is to be provided at a fixed rate.
पर्याय
(A) is correct but (R) is wrong
Both (A) and (R) are correct, but (R) is not the correct explanation of (A)
Both (A) and (R) are incorrect.
Both (A) and (R) are correct, and (R) is the correct explanation of (A)
उत्तर
Both (A) and (R) are incorrect.
संबंधित प्रश्न
Nusrat and Sonu were partners in a firm sharing profits in the ratio of 3:2. During the year ended 31-3-2015 Nusrat had withdrawn Rs.15,000. Interest on her drawings amounted to Rs.300. Pass necessary journal entry for charging interest on drawing assuming that the capitals of the partners were fixed.
Answer briefly of the following question :
Give the adjusting entry and closing entry for interest on loan taken by a partner from the firm, when the firm
follows the Fluctuating Capital Method.
Answer in one sentence only.
What is the Fixed Capital Method?
Answer in one sentence only.
What is Fluctuating Capital Method?
Select the most appropriate alternative from those given below and rewrite the statement.
The interest on capital of a partner is credited to __________________ account.
State whether the following statement are True or False.
A partner who provides only capital to the firm is called as nominal partner.
State whether the following statement are True or False.
Capital account always shows credit balance.
Write the word/phrase/term, which can substitute the following sentence.
Under this method capital, balances of partners remain constant.
The balance of Drawings Account of a partner is transferred to his _______ account under the Fixed Capital Method.
Answer in one sentence only.
What is Fluctuating Capital?
Write the word/phrase/term, which can substitute the following sentence.
Such capital method in which only capital account is maintained for each partner.
Answer in one sentence only :
What is fluctuating capital?
Answer in one sentence only:
What is fluctuating capital?
What is fluctuating capital?
Answer in one sentence only.
What is fluctuating capital?
Answer in one sentence only:
What is fluctuating capital?
Answer in one sentence only:
What is fluctuating capital?
