Interest on partners capital is -
(A) Expenditure
(B) Appropriation
(C) Gain
(D) None of these
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M/s ABC & co . Is advised to dibit salary and commission , who of partners to the partners to the profit and loss Apptopriation Account , why do you t
Salary and commission to partners is an appropriation of profit and not a chrge it is because of this reason that the profit and loss appropriation account should be debited
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what is the maximm unmber of partners that a partnership firm can have ? Name the act that provides for the maximum number of partners is a partership
Maximm number of partners - 100 Act - Indian Partnership Act, 1932
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A firm maintains a capital account and a current Account for each partners what is the term used when this method of maintaining capital Accounts Is f
Fixed Capital Method
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state the provisions of pernership Act 1932 in the absence of a partnership Deed regarading (i) interest on partners Drawings and (ii) interest on Adv
1) Interest on drawings : No interest on drawings would be charged from partners. 2) Interest on Advances other than capital : If a partner has provided any Loan to the...
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Stock exchange do not protects the interest of - (A) Invester (B) Shareholder (C) Government (D) None of these
Correct option is: (A) Invester
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Payment of honorarium to secretary is treated as - (A) Capital expenditure (B) Revenue expenditure
Correct option is: (B) Revenue expenditure
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Capital fund is calculated as - (A) Income - Expenditure (B) Assets - Liabilities (C) Capital + Liabilities (D) None of these
Correct option is: (B) Assets - Liabilities
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For the firm, interest on capital is - (A) Capital Receipt (B) Capital payment (C) Income (D) Loss
Correct option is: (B) Capital payment
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Liabilities of partners is - (A) Limited (B) Unlimited (C) Determined by partnership Act (D) None of these
Correct option is: (B) Unlimited
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Profit or Loss on Revaluation is born by - (A) Old partners (B) New partners (C) All partners (D) Only two partners
Correct option is: (A) Old partners
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