Question : Which of the following is an appropriation of profit?

Option 1: Interest on Loan

Option 2: Interest on Partner's Capital

Option 3: Salary to Manager

Option 4: Rent

Question : Interest on capital to partners is credited to:

Option 1: Profit and Loss A/c

Option 2: Profit and Loss Appropriation A/c

Option 3: Partner's capital/current A/c

Option 4: Cash A/c

Question : Which of the following is not recorded on the credit side of current accounts of partners?

Option 1: Interest on capital

Option 2: Partner's Salary

Option 3: Interest on partner's loan

Option 4: Share of profits to partner

Question : Current Account of the partners should be opened when capital are:

Option 1: fluctuating

Option 2: fixed

Option 3: circulating

Option 4: none of these

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