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प्रश्न
Select the most appropriate alternative from those given below and rewrite the statement.
Under fixed capital method, salary or commission to partner is credited to _______________ account.
पर्याय
partner’s capital
partner’s current
partner’s drawings
partner’s salary
उत्तर
Under fixed capital method, salary or commission to partner is credited to partner’s current account.
Explanation: Under fixed capital method, any transaction that leads to a change in the capital balance of the partners is recorded in the Partners’ Current Account. This is done so that the capital of the partners remains unaltered. Accordingly, salary or commission to a partner is credited to the respective Partner’s Current Account.
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संबंधित प्रश्न
What is ‘liability of partners’ ?
Gupta and Sharma were partners in a firm. They wanted to admit five more members in the firm. List any two categories of individuals other than minors who cannot be admitted by them.
Under which major headings and sub-heading will the following items be placed in the Balance Sheet of a company as per Schedule VI part I of the Companies Act, 1956 :
(1) Loans provided re-payable on demand.
(2) Goodwill
(3) Copyright
(4) General Reserve
(5) Cheques
(6) Loose tools
(7) A stock of finished goods
(8) 9% debentures re-payable after three years
Under which major sub-headings the following items will be placed in the Balance Sheet of a company as per revised Schedule-VI, Part-I of the Companies Act, 1956:
i. Capital Reserve
ii. Bonds
iii. Loans repayable on demand
iv. Vehicles
v. Goodwill
vi. Loose tools
State the provisions of Indian Partnership Act regarding the payment of remuneration to a partner for the services rendered.
Answer in one sentence only.
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What is the liability of partners?
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A partner who is engaged in day to day activities of the business.
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Give the word / term or phrase which can substitute the following statement.
An amount contributed by the partners into the business.
Give the word / term or phrase which can substitute the following statement.
The partner who is entitled to share profits only.
Select the most appropriate alternative from those given below and rewrite the statement.
Under fixed capital method, capital account and __________________ account is opened for each partner.
Select the most appropriate alternative from those given below and rewrite the statement.
A partner below 18 years of age is called as __________________ partner.
Select the most appropriate alternative from those given below and rewrite the statement.
The liability of the partner in a firm is__________________.
Select the most appropriate alternative from those given below and rewrite the statement.
Partnership is an association of__________________ or more persons.
Select the most appropriate alternative from those given below and rewrite the statement.
If dates of drawings are not given, interest on drawings is charged for __________________ months.
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Maximum __________________ persons are required to form a partnership having trading business.
State whether the following statement are True or False.
An interest on capital is an expenditure of the partnership firm.
State whether the following statement are True or False.
There is no limit to maximum number of partners in a firm.
State whether the following statement are True or False.
The liability of minor partner is limited.
State whether the following statement are True or False.
Partners are entitled to get salary or commission.
Assertion: Batman, a partner in a firm with four partners has advanced a loan of ₹ 50,000 to the firm for last six months of the financial year without any agreement. He claims an interest on loan of ₹ 3,000 despite the firm being in loss for the year.
Reasoning: In the absence of any agreement/provision in the partnership deed, provisions of Indian Partnership Act, 1932 would apply.
