Chapter 1: Accounting for Partnership – Basic Concepts

Final balance transferred to:

Net profit is:

Commission to partner is:

Appropriation account shows:

Loss is distributed:

Profit transferred to partners:

Partner’s salary is shown on:

Interest on drawings is:

Interest on capital is:

Starting point is:

It is prepared to:

P&L Appropriation A/c is:

Capital account shows:

Salary to partner is:

Interest on capital is:

Drawings are recorded in:

All entries recorded in one account in:

Fluctuating capital means:

Current account is prepared in:

In fixed capital method:

Two methods are:

Methods of capital accounts:

Deed must be:

Registration of firm is:

Interest on drawings without deed:

Salary to partner without deed:

Profit sharing without deed:

Interest on capital (no deed):

If no deed exists, provisions apply from:

Deed includes:

Written deed helps to:

Partnership deed is:

Partnership is dissolved by:

Ownership of assets lies with:

Partners are collectively called:

Partnership is formed by:

Mutual agency is:

Profit sharing ratio is:

Business carried on by:

Number of partners should be:

Liability of partners is:

Partnership arises from:

Agreement between partners is called:

A minor can be:

Mutual agency means:

Essential element of partnership:

Partnership firm has:

Maximum number of partners (general case):

Minimum number of partners in a partnership firm:

Partnership is defined under which Act?