Journalising Transactions

Q.

What should be credited while the introduction of capital by a partner?

1. bank account

2. capital account

3. profit and loss account

4. salary account

Q.

What must be debited for accounting salary to partners?

1. Partners' Capital account

2. Bank account

3. Profit and loss account

4. Salary account

Q. Give the word / term or phrase which can substitute each of the following statement.

Method of Capital account in which capital balances of partners changes every year?

Q. Give the word / term or phrase which can substitute each of the following statement.

Under this method capital balances of partner remain constant.

Q. State whether the following statements are True or False.

The balance of capital account remains constant under fixed capital method.

Q. What is the treatment of bank account at the time of introduction of capital?

1. Debit
2. Credit

Q. What is the treatment of the partner's capital account in case of salary payment made to partners?

1. Credit
2. Debit

Q. What is the treatment of rent account in case of payment of rent is made?

1. Credit
2. Debit