Partnership

Accounting

Easy

common

Partners' Current Account shows:

Always a debit balance

Always a credit balance

Either a debit balance or a credit balance

Always a zero balance

✅ Correct Option: 3

Under the fixed capital method the current account records salary, interest, share of profit, drawings and interest on drawings. If debits exceed credits it shows a debit balance, otherwise a credit balance, so either is possible.

2024

Match List-I with List-II

2026: 20 May Shift 1

In case there is no partnership deed between the partners, then at what rate interest on capital will be provided?

2026: 31 May Shift 1

If any partner has advanced loan to the firm for the purpose of business, he/she shall be entitled to get an interest on the loan amount at the rate of ............. % per annum.

2026: 19 May Shift 1

Dinesh, Ramesh and Suresh are partners in a firm sharing profits and losses in the ratio of 3:3:2. They decided to share the profits equally w.e.f. April 1, 2015.

Match List-I with List-II

List-I (Events/ Transactions)	List-II (Accounting Treatment)
(A) Profit on revaluation Rs 40,000	(I) Dinesh's Capital A/c will be credited by Rs. 25,000
(B) General reserve of Rs 60,000 distributed.	(II) Dinesh's Capital A/c will be credited by Rs. 20,000
(C) Goodwill Rs 6,00,000 adjusted in partners' capital	(III) Dinesh's Capital A/c will be credited by Rs. 22,500
(D) Workmen Compensation Reserve Rs 4,80,000 adjusted in partners' capital	(IV) Dinesh's Capital A/c will be credited by Rs. 15000

Choose the correct answer from the options given below:

2026: 29 May Shift 1

X and Y are partners in a firm and their capital account shows a balance of Rs. 1,00,000 and Rs. 75,000 respectively on April 1, 2024. X introduced additional capital of Rs. 50,000 on August 1, 2024, and Mr. Y introduced further capital of Rs. 75,000 on October 1, 2024. Interest on capital is allowed @6 % annually. Calculate interest payable to Y.

2025: 27 May Shift 1

Which of the following is not included in the Contents of the Partnership Deed-

Partners' Current Account shows:

Solution

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