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12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Creative 2 Mark Questions with Solution Part - I Question Bank Software Jun-21 , 2021

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12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Creative 2 Mark Questions with Solution Part - I

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Creative 2 Mark Questions with Solution Part - I

12th Standard

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Accountancy

Time : 00:30:00 Hrs
Total Marks : 10
    5 x 2 = 10

  1. What is drawing?

  2. If the partner's capital accounts are fixed, where will you record the following items?
    (a) Salary payable to a partner
    (b) Drawings made by a partner

  3. A and B are partners in a firm without a partnership deed. A is an active partner and claims a salary of Rs. 18,000 per month. State with reasons whether the claim is valid or not

  4. How is interest on drawings calculated, if the drawings are made at regular intervals as on the first day of each month?

  5. An accountant of the firm has debited interest on partner's loan to the profit and loss appropriation account and credited to the partner's capital account. Is he correct?

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