English

The interest on capital of a partner is debited to _______ account. - Book Keeping and Accountancy

Advertisements
Advertisements

Question

The interest on capital of a partner is debited to _______ account.

Fill in the Blanks

Solution

The interest on capital of a partner is debited to  Profit and Loss account.

shaalaa.com
Provision of the Indian Partnership Act 1932
  Is there an error in this question or solution?
Chapter 1: Introduction to Partnership and Partnership Final Accounts - Exercise 1.1 (Objective Questions) [Page 52]

APPEARS IN

Balbharati Book Keeping and Accountancy [English] 12 Standard HSC Maharashtra State Board
Chapter 1 Introduction to Partnership and Partnership Final Accounts
Exercise 1.1 (Objective Questions) | Q I. E. 6) | Page 52

RELATED QUESTIONS

In the absence of an agreement, interest on loan advanced by the partner to the firm is allowed at the rate of ______.


The Indian Partnership Act is in force since _______.


Write the word/phrase/term, which can substitute the following sentence.

An association of two or more persons according to the Indian partnership Act 1932.


Write the word/phrase/term, which can substitute the following sentence.

Act under which partnership firms are regulated.


Commission payable to partner is _______ to the firm.


When commission is allowed to any partner, it is________ of the business.


Do you agree/disagree with the following statement:

Partners are entitled to get Salary or Commission.


Do you agree/disagree with the following statement:

The Indian Partnership Act, came into existence in the year 1945.


Write the word/phrase/term, which can substitute the following sentence.

Amount of cash or goods withdrawn by partners from the business from time to time.


Write the word/phrase/term, which can substitute the following sentence.

An association of two or more persons according to Indian partnership Act 1932.


Under Perfect competition, sellers are

  1. Price makers 
  2. Price takers
  3. Price discriminators 
  4. None of these

In the absence of an agreement, interest on the loan advanced by the partner to the firm is allowed at the rate of ______.


The Indian Partnership Act is in force since ______.


The Indian Partnership act is in force since ______.


The balance of the capital account of retired partner is transferred to his ______ account if it is not paid.


The Indian Partnership act is in force since ______.


The Indian Partnership act is in force since ______.


The Indian Partnership act is in force since ______.


The Indian Partnership act is in force since ______.


The Indian Partnership act is in force since ______.


The Indian Partnership act is in force since ______.


Share
Notifications

Englishहिंदीमराठी


      Forgot password?
Use app×