Accounting for ...

Joint life policy amount received from insurance company in excess of its surrender value is credited to the capital account of the partners.

In the absence of a Partnership deed or agreement, a partner is entitled to interest on loans or advances__________. 

Where a partner is entitled to interest on capital contributed by him, such interest will be payable: 

In the absence of an agreement to the contrary, the partners are_________. 

If a firm prefers Partners Capital A/c be shown at the amount introduced by the partners capital in firm then entries for salary, interest, drawings, interest on capital and drawings and profits are made in ____________.

Interest on drawing is ________ for the business.

Retiring or outgoing partner _________.

Persons who have entered into partnership with one another are collectively a called as ___________.

Before a partner retires, reserves created out of profits or balances in profit and loss account must be transferred to the capital accounts of all the partners in ________.

Joint Life Policy is taken by the firm on the life(s) of ________.