Accounting for ...

Partners current accounts are opened when their capital accounts are ___________ .

_____________________ undergoes Revaluation and Reassessment during Reconstruction of Firm.

Consider the following statements :
1.Sharing profits is a conclusive evidence of a partnership.
2.A partner of a partnership firm is treated as an agent of the other partners.
3.A third party cannot file a suit against as unregistered firm or its partners.
Which of the above statement/s is/are true?

a) From legal point of view, a joint stock company is recognised as separate legal entity from the shareholders.
b) Partnership firms and sole trading businesses do not have legal entity, but they have business entity for accounting purposes.
Of these

Interest on drawings is _________.

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

Nature of Revaluation Account is ___________.

A partner can be added to share ___________.

The balance of joint life policy account of partners represents ____________________.

The amount received from the insurance company on joint life policy of partners in excess of its surrender value should be credited to partners ________________.