Select the most appropriate alternatives from the following & rewrite

Select the most appropriate alternatives from the following & rewrite the sentences:i. When dates of drawings are not given, interest on drawings is charged for __months. (a) three (b) six (c) nine(d) twelveii. A debit balance of the partner’s current account will appear on the _ side of the Balance Sheet. (a) assets (b) liabilities (c) debit (d) creditiii. The interest on partner’s capital is credited to Account. (a) Trading (b) Profit and Loss (c) Capital (d) Cashiv. Under fixed capital method, salary or commission to partner is credited to Account. (a) Partner’s Capital (b) Partner’s Current (c) Partner’s Drawings (d) Partner’s Salaryv. If fixed capital method is adopted, net divisible profit is transferred to ______ Account. (a) Partner’s Current (b) Partner’s Capital (c) Profit and Loss (d) Trading

Answer»

i. (b) six

ii. (a) assets

iii. (c) Capital

iv. (b) Partner’s Current

v. (a) Partner’s Current