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प्रश्न
Select the most appropriate alternative from those given below and rewrite the statement.
The drawings of partners are transferred to __________________ account.
पर्याय
trading
profit and loss
partner’s capital
balance sheet
उत्तर
The drawings of partners are transferred to partner’s capital account.
Explanation: Drawings are the amount withdrawn by the partners from the business for their personal use. Such withdrawals from the business cause a decline in partners’ capital. Therefore, these are recorded on the debit side of Partner’s Capital Account.
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संबंधित प्रश्न
What is ‘liability of partners’ ?
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
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(4) General Reserve
(5) Cheques
(6) Loose tools
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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:
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ii. Bonds
iii. Loans repayable on demand
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v. Goodwill
vi. Loose tools
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Select the most appropriate alternative from those given below and rewrite the statement.
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The interest on drawings is an income of the partnership firm.
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An interest on capital is an expenditure of the partnership firm.
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Distinguish between ‘Dissolution of Partnership’ and ‘Dissolution of Partnership Firm’ based on:
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