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 : 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 : The interest on Partner's Capital Accounts is to be credited to

Option 1: Profit and Loss A/c

Option 2: Interest A/c

Option 3: Partner's Capital A/c

Option 4: None of these

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 : 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