Question : When drawings are made at the end of every month of certain amount, then interest will be calculated on total drawings for:

Option 1: 6.5 months

Option 2: 6 months

Option 3: 5.5 months

Option 4: 1 month

Question : A partner, Gaurav, withdrew Rs.12,000 in the beginning of the each quarter during the year. Interest on drawings @ 8% chargeable to him will be:

Option 1: Rs.1,440

Option 2: Rs.2,400

Option 3: Rs.2,080

Option 4: Rs.1,760

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 : Interest on partner's drawings is credited to:

Option 1: Profit and Loss A/c

Option 2: Profit and Loss Appropriation A/c

Option 3: Partner's Capital A/c

Option 4: Partner's Current Alc

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