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Fundamentals of...

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  • Question 1
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    What journal entry is to be recorded in the books of account when Balance of Profit and Loss Account is transferred to the Profit and Loss Appropriation account.

  • Question 2
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    What will be the adjusting entry to provide for Interest on Partner’s loan?

  • Question 3
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    Salary or Commission to a partner is an

  • Question 4
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    Profit and Loss appropriation account is differ from Profit and Loss account as it is prepared by

  • Question 5
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    Why sometimes partners transfer some amount of profit to reserve?

  • Question 6
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    For transfer of Profit from Profit and Loss Appropriation account to Reserve account, which account to be credited

  • Question 7
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    How drawing against capital is differ from drawings against profit:

  • Question 8
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    What is the nature of rent paid to a partner?

  • Question 9
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    If rent payable to a partner is Rs. 10,000 and there is a loss in the firm of Rs. 15,000. How much rent will be paid to the partners?

  • Question 10
    1 / -0

    When partners accounts are fixed where the drawings will be recorded?

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