Advertisements
Advertisements
प्रश्न
Select the most appropriate alternative from those given below and rewrite the statement.
The interest on drawings is transferred to__________________ side of partner’s current account.
पर्याय
debit
credit
asset
liability
उत्तर
The interest on drawings is transferred to debit side of partner’s current account.
Explanation: Interest on drawings is an expense for a partner. It is the charge/fee that a partner needs to pay to the firm in lieu of the amount withdrawn by him/her for personal use. It leads to a decline in the capital balance of the partner. Thus, it is transferred to the debit side of Partner’s Current Account.
APPEARS IN
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 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
Answer in one sentence only.
When is partner’s current account opened?
Answer in one sentence only.
What is the relation between the partners?
Answer in one sentence only.
What is the liability of partners?
Give the word / term or phrase which can substitute the following statement.
A partnership agreement between the partners in written form.
Answer in one sentence only.
Who is called a Minor Partner?
Give the word / term or phrase which can substitute the following statement.
An association of two or more persons to carry on business.
Give the word / term or phrase which can substitute the following statement.
A partner who contributes only capital for the business but does not take any active part.
Give the word / term or phrase which can substitute the following statement.
An amount withdrawn by partner from business for his personal use.
Give the word / term or phrase which can substitute the following statement.
A partner who acts and behaves like a partner, but he is not a partner of the firm.
Select the most appropriate alternative from those given below and rewrite the statement.
A debit balance of partner’s current account will appear on the ___________ side of the Balance Sheet.
Select the most appropriate alternative from those given below and rewrite the statement.
A partner who provides only capital to the firm is called as__________________.
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.
Partnership is an association of__________________ or more persons.
Select the most appropriate alternative from those given below and rewrite the statement.
The drawings of partners are transferred to __________________ account.
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.
Select the most appropriate alternative from those given below and rewrite the statement.
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.
Partners’ current account always shows credit balance.
State whether the following statement are True or False.
The liability of minor partner is limited.
P, Q, and R were partners in a firm. On 31st March 2018 R retired. The amount payable to R ₹ 2,17,000 was transferred to his loan account. R agreed to receive interest on this amount as per the provisions of Partnership Act, 1932. State the rate at which interest will be paid to R.
Distinguish between ‘Dissolution of Partnership’ and ‘Dissolution of Partnership Firm’ based on:
- Settlement of assets and liabilities
- Economic relationship
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.
