Question : Which of the following accounts are opened when partners have fluctuating capital?

Option 1: Capital A/cs

Option 2: Current A/cs

Option 3: Both Capital A/cs and Current A/cs

Option 4: Either Capital of Current A/cs

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 : 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 capital to partners is credited to:

Option 1: Profit and Loss A/c

Option 2: Profit and Loss Appropriation A/c

Option 3: Partner's capital/current A/c

Option 4: Cash A/c