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
Correct Answer: Interest on partner's loan
Solution : Interest on partner's loan is a charges against profit, so it will be debited to Profit and Loss A/c. Hence, the correct option is 3.
Question : In case of fixed capital, salary and commission payable to a partner will be recorded on the:
Question : On which side Partner's drawings out of Capital will be recorded, when their capitals are fixed?
Question : The interest on Partner's Capital Accounts is to be credited to
Question : The balance of partner's Capital Accounts, in case of fixed capital method, are:
Question : Interest on partner's drawings is credited to:
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