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 : 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 : Who among the following cannot be a partners firm?

Option 1: Minor

Option 2: Person of unsound mind

Option 3: Person disqualified by law

Option 4: All of these

Question : When is the partnership Act enforced?

Option 1: When there is no partnership deed

Option 2: When there is a partnership deed

Option 3: When capital contribution by partner varies

Option 4: None of these

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