The withdrawal by partner for personal use from the firm is ________ to his account.
[1] Introduction to Partnership and Partnership Final Accounts
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If partners Current Account shows ______ balance it is shown to the liability side of Balance sheet
[1] Introduction to Partnership and Partnership Final Accounts
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The expenses paid for trading purpose are known as _______ expenses.
[1] Introduction to Partnership and Partnership Final Accounts
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Cash receipts which are recurring in nature are called as__________ Receipts.
[1] Introduction to Partnership and Partnership Final Accounts
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Return outward are deducted from ______.
[1] Introduction to Partnership and Partnership Final Accounts
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Expenses which are paid before due date are called as _____.
[1] Introduction to Partnership and Partnership Final Accounts
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Assets which are held in the business for a long period are called ______.
[1] Introduction to Partnership and Partnership Final Accounts
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Trading Account is prepared on the basis of ______ expenses.
[1] Introduction to Partnership and Partnership Final Accounts
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When goods are distributed as free samples, it is treated as ___________of the business.
[1] Introduction to Partnership and Partnership Final Accounts
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Answer in one sentence only.
What do you mean by pre-received income?
[1] Introduction to Partnership and Partnership Final Accounts
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What is the effect of the adjustment of provision for discount on debtors in the final accounts of partnership?
[1] Introduction to Partnership and Partnership Final Accounts
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Answer in one sentence only.
As per which principle of accounting, closing stock is valued at cost price or at market price whichever is less?
[1] Introduction to Partnership and Partnership Final Accounts
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Answer in one sentence only.
Why is Balance Sheet prepared?
[1] Introduction to Partnership and Partnership Final Accounts
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Answer in one sentence only.
Why wages paid for installation of machinery are not shown in Trading Account?
[1] Introduction to Partnership and Partnership Final Accounts
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Answer in one sentence only.
What do you mean by indirect incomes?
[1] Introduction to Partnership and Partnership Final Accounts
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Answer in one sentence only.
Why partners capital is treated as long-term liability of business?
[1] Introduction to Partnership and Partnership Final Accounts
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Current account always shows a debit balance.
[1] Introduction to Partnership and Partnership Final Accounts
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Do you agree/disagree with the following statement:
Profit and Loss Account reflects the true Financial position.
[1] Introduction to Partnership and Partnership Final Accounts
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Do you agree/disagree with the following statement:
Amount borrowed by partner from his business will be debited to Current Account.
[1] Introduction to Partnership and Partnership Final Accounts
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Do you agree/disagree with the following statement:
Sold but undispatched goods must be part of valuation of closing stock.
[1] Introduction to Partnership and Partnership Final Accounts
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