Question : The relationship of partners with the firm is:

Option 1: as a manager

Option 2: as a servant

Option 3: as an agent

Option 4: as a monopolist

Question : Which of the following is an appropriation of profit?

Option 1: Interest on Loan

Option 2: Interest on Partner's Capital

Option 3: Salary to Manager

Option 4: Rent

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 : Rent paid to a partner is debited to:

Option 1: Partner's Capital A/c

Option 2: Profit and Loss A/c

Option 3: Profit and Loss Appropriation A/c

Option 4: Partner's Current A/c

Question : Which of the following is not recorded on the credit side of current accounts of partners?

Option 1: Interest on capital

Option 2: Partner's Salary

Option 3: Interest on partner's loan

Option 4: Share of profits to partner