Question : Interest on capital to partners and the agreed rate will be paid out of:

Option 1: Profits of the current year

Option 2: Accumulated profits of past year

Option 3: reserves

Option 4: average profit of last three years

Question : In the absence of partnership deed, the following rule will apply:

Option 1: No interest on capital 

Option 2: Profit sharing in capital ratio

Option 3: Profit based salary to working partner 

Option 4: 9% Interest on drawing

Question : In the absence of partnership deed, partners are entitled to get:

Option 1: salary

Option 2: commission

Option 3: equal share in profit

Option 4: profits in capital ratio

Question : Which of the following statements is not correct?

Option 1: Net Profit before Interest and Tax = Net Profit before Tax + Interest on Long-term Borrowings

Option 2: Current Liabilities = Total Debt - Non-current Liabilities

Option 3: Capital Employed = Net Fixed Assets + Trade Investments - Working Capital

Option 4: Accumulated Depreciation is already adjusted in Net Fixed Assets.