Question : At the time of death of a partner his salary or commission up to the date of his death, if allowed by the Partnership Deed will be ------ to his capital account.
Option 1: Debited
Option 2: Credited
Option 3: Either 1 and 2
Option 4: None of the above
Correct Answer: Credited
Solution : Answer = Credited
When a partner passes away, any salary or commission owed to them up to the date of their death, as permitted by the Partnership Deed, will be credited to their capital account. This ensures that the partner's share of profits and losses is accurately reflected in their capital balance. Hence, the correct option is 2.
Question : Relationship between two figures, expressed in arithmetical terms is called -------
Option 1: Percentage
Option 2: Ratio
Option 3: Ratio analysis
Question : ---------------may be expressed as an arithmetical relationship between two accounting variables.
Option 1: Ratio
Option 2: Accounting ratio
Option 3: Ratio Analysis
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile