Complete the Sentence. Chapter 1 - Introduction to Partnership and Partnership Final Accounts

Balbharati solutions for Book-keeping and Accountancy 12th Standard Hsc Maharashtra State Board. 

Chapter 1 - Introduction to Partnership and Partnership Final Accounts [Latest edition]

Complete the Sentence.

Partners share profit & losses in equal ratio in the absence of partnership deed.

Registration of Partnership is optional in India.

Partnership business must be lawful.

Liabilities of Partners in Partnership firm is unlimited.

The balance of Drawings Account of a partner is transferred to his current account under the Fixed Capital Method.

The interest on capital of a partner is debited to  Profit and Loss account.

Partners are joint & several liable for the debts of the firm.

Partnership Deed is an  Article of Partnership.

The withdrawal by partner for personal use from the firm is debited to his account.

Commission payable to partner is liability/ outstanding expense to the firm.

When partners adopt Fixed Capital Method then they have to operate partners current Account.

If partners Current Account shows credit balance it is shown to the liability side of Balance sheet.

The expenses paid for trading purpose are known as trade expenses.

Cash receipts which are recurring in nature are called as revenue Receipts.

Return outward are deducted from purchase .

Expenses which are paid before due date are called as Prepaid Expenses .

Assets which are held in the business for a long period are called fixed assets.

Trading Account is prepared on the basis of is direct expenses.

When commission is allowed to any partner, it is expenditure of the business.

When goods are distributed as free samples, it is treated as advertisement expense of the business.

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