Question : The profit and loss appropriation account is prepared by

Option 1: Sole trader firm

Option 2: Partnership firm

Option 3: Both 1 and 2

Option 4: None of these

Question : -----------------account is prepared at the time of dissolution.

Option 1: profit and loss appropriation account

Option 2: profit and loss adjustment account

Option 3: realisation account

Option 4: profit and loss account

Question : -----------------account is prepared at the time of dissolution.

Option 1: profit and loss appropriation account

Option 2: profit and loss adjustment account

Option 3: realisation account

Option 4: profit and loss account

Question : Partner's salary is debited to:

Option 1: Trading Account

Option 2: Profit and Loss Account

Option 3: Profit & Loss Appropriation Account

Option 4: None of these

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.