Question : What time would be taken into consideration if monthly amount is drawn as drawings at the beginning of each month?

Option 1: 7 months

Option 2: 6 months

Option 3: 5 months

Option 4: 6.5 months

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 : 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 : 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 : 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