Question : The Partner's Current Account has:

Option 1: a debit balance

Option 2: a credit balance

Option 3: either a debit or credit balance

Option 4: a nil balance

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 : In case of fixed capital, salary and commission payable to a partner will be recorded on the:

Option 1: Debit side of partner's Capital A/c

Option 2: Credit side of partner's Capital A/c

Option 3: Debit side of partner's Current A/c

Option 4: Credit side of partner's Current A/c

Question : On which side Partner's drawings out of Capital will be recorded, when their capitals are fixed?

Option 1: Debit side of Capital A/c

Option 2: Credit side of Capital A/c

Option 3: Debit side of Current A/c

Option 4: Credit side of Current A/c

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