Question : Which of the following accounts are opened when partners have fluctuating capital?

Option 1: Capital A/cs

Option 2: Current A/cs

Option 3: Both Capital A/cs and Current A/cs

Option 4: Either Capital of Current A/cs

Question : Which of the following accounts are opened when partners have fixed capital?

Option 1: Capital A/cs

Option 2: Current A/cs

Option 3: Both Capital A/cs and Current A/cs

Option 4: Either Capital A/cs or Current A/cs

Question : What balance does a partner's capital account have, in case of fluctuating capital?

Option 1: Debit balance

Option 2: Credit

Option 3: Both (1) or (2)

Option 4: None of these

Question : Which accounts are opened when partners have fluctuating capitals?

Option 1: Capital A/c's

Option 2: Current A/c's

Option 3: Both (a) and (b)

Option 4: Neither (a) nor (b)

Question : Loss incurred by a partnership firm at the end of accounting year is distributed among

Option 1: all partners equally

Option 2: all partners in capital ratio

Option 3: working partners only

Option 4: None of the above