Question : The product method is used for the calculation of

Option 1: Distribution of profit and loss

Option 2: Distribution of revaluation profit or loss

Option 3: Interest on drawings

Option 4: Interest on capital

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.

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.

Question : Gain (profit) or loss on revaluation of assets and reassessment of llabilities is transferred to Partner Capital Accounts in their

Option 1: Capital Ratio

Option 2: Equal ratio

Option 3: Old Profit-sharing Ratio

Option 4: Gaining ratio

Question : Increases and decreases in the value of assets and liabilities are recorded through

Option 1: Profit and loss account 

Option 2: Profit and loss appropriation account 

Option 3: Partners capital account

Option 4: Revaluation account