Credited to land and building account
Debited to asset revaluation account
Credited to asset revaluation account
Credited to profit and loss appropriation account
Correct answer is B
No explanation has been provided for this answer.
Interest on a partner's drawings is debited to the
Partners current account and credited to the profit and loss appropriation account
Profit and loss appropriation account and credited to the partner's current account
Profit and loss account and credited to the partner's current account
Partner's current account and credited to the profit and loss account
Correct answer is A
No explanation has been provided for this answer.
Which of the following is a strong feature of partnership?
The life of the partnership is generally assumed to be indefinite
The owners are liable personally for all debts of the business
The transfer of ownership interest is frequent and easy to accomplish
The partnership is complex to form because of many legal and reporting requirements
Correct answer is B
No explanation has been provided for this answer.
Current asset
Current liability
Capital
Profit
Correct answer is B
No explanation has been provided for this answer.
Appropriation account
Balance sheet
Income and expenditure account
Receipts and payment account
Correct answer is C
No explanation has been provided for this answer.