Question : Partner's Drawings account is closed.

Option 1: By transfer to the credit side of the capital Account.

Option 2: By transfer to the credit side of the current account.

Option 3: either A or B

Option 4: By transfer to the debit side of the Capital or Current account.

Question : The balances of partner's current account are:

Option 1: Debit

Option 2: Credit

Option 3: Always credit

Option 4: either debit or credit

Question : In the case of fixed capital, interest on capital

Option 1: is credited to the partner's capital account

Option 2: is credited to the partner's current account

Option 3: maybe credited to the partner's capital and current account

Option 4: is debited to the partner's capital account

Question : In the case of fixed capital, interest on capital

Option 1: is credited to the partner's capital account

Option 2: is credited to the partner's current account

Option 3: maybe credited to the partner's capital and current account

Option 4: is debited to the partner's capital account

Question : Where is Interest on drawings shown in the final accounts of the firm?

Option 1: Debit side of profit and loss Appropriation Account.

Option 2: Credit side of profit and loss Appropriation Account.

Option 3: Credit side of profit and loss Account.

Option 4: Debit side of capital or current account only.