Question : Partner's salary is debited to:

Option 1: Trading Account

Option 2: Profit and Loss Account

Option 3: Profit & Loss Appropriation Account

Option 4: None of these

Question : Kumar, Verma and Naresh were partners in a firm sharing profit & loss in the ratio of 3: 2: 2. On 23rd January 2015 Verma died. Verma's share of profit till the date of his death was calculated at Rs.2,350.

Option 1: Debited profit and loss suspense account By Rs 2,350

Option 2: Credited profit and loss account by Rs 2,350

Option 3: Debited profit and loss appropriation account Rs 2,350

Option 4: Credited profit an d loss appropriation account Rs 2,350

Question : Kumar, Verma and Naresh were partners in a firm sharing profit & loss in the ratio of 3: 2: 2. On 23rd January 2015 Verma died. Verma's share of profit till the date of his death was calculated at Rs.2,350.

Option 1: Debited profit and loss suspense account By Rs 2,350

Option 2: Credited profit and loss account by Rs 2,350

Option 3: Debited profit and loss appropriation account Rs 2,350

Option 4: Credited profit an d loss appropriation account Rs 2,350

Question : Which of the following items is not dealt with through a Profit and Loss Appropriation Account?

Option 1: Interest on partner's loan

Option 2: Partner's salary

Option 3: Interest on partner's capital

Option 4: Partners commission

Question : Which of the following items is not dealt with through a Profit and Loss Appropriation Account?

Option 1: Interest on partner's loan

Option 2: Partner's salary

Option 3: Interest on partner's capital

Option 4: Partners commission

Question : When a partner pays unrecorded liability is --------------------debited and concerned ------------------------is credited.

Option 1: Realization account debited, concerned partner's capital account

Option 2: Concerned partner's capital, realization account

Option 3: Unrecorded liability debited, cash account 

Option 4: None of the above.