Working capital is the excess of
Current assets over fixed assets
Current liabilities over current assets
Fixed assets over currents liabilities
Current assests over current
Correct answer is D
No explanation has been provided for this answer.
Goodwill may be brought into the books when
No partner retires
Assets are more than liabilities
Profit for the period is high
A new partner is admitted
Correct answer is D
No explanation has been provided for this answer.
Interest on partners drawings are debited in the
Partners current accounts and credited to the appropriation account
Drawings account and credited to the profit and loss account
Profit and loss account and credited to the partners current account
Profit and loss account and credited to the partners' drawings accountÂ
Correct answer is A
No explanation has been provided for this answer.
Where there is no agreement between the partners, the Partnership Act states that
5% interest is to be paid on capital
Profit and losses are to be shared in proportion to their capital
50% interest is to be charged on drawings
No salary is to be paid to partners
Correct answer is B
No explanation has been provided for this answer.
In a not-for-profit making organization, the Receipts and Payments Accounts is the equivalent of
Profit and Loss Accounts
Income and expenditure Accounts
Cash Book
Balance Sheet
Correct answer is C
No explanation has been provided for this answer.