Question : The balance of partner's Capital Accounts, in case of fixed capital method, are:

Option 1: Always Debit

Option 2: Always Credit

Option 3: Either debit/credit

Option 4: Neither debit nor credit

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 : Current Account of the partners should be opened when capital are:

Option 1: fluctuating

Option 2: fixed

Option 3: circulating

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