Q10.Salary paid to partner should be:
(1) Credited to his current account
(2) Debited to his current account
(3) None of these
(4) Credited to profit & loss appropriation A/c
Answer
Credited to profit & loss appropriation A/c
Related Questions on Theory Base of Accounting
Q11.Capital Expense from
(1) Decrease Liabilities
(2) Decrease Asset
(3) None of these
(4) Increase Asset
Answer
Increase Asset
Q12.Under this method, only 1 account i.e. partner`s capital account is maintained. This method is :
(1) Floating
(2) .Normal
(3) Fluctuating
(4) Fixed
Answer
Fluctuating