Question

Current Accounts of the Partners should be opened when the capitals are _____________.
(ii) in the absence of an agreement, interest on partner 's loan shall be paid `@` __________.
(iii) In the absence of an agreement , partners shall _________ salaries.
(iv) When there is no agreement among the partners, the profit or loss of the firm will be shared ___________ by the partners.
(v) __________ is an extension of Profit and Loss Account .
(vi) Minimum number of persons required to start partnership business is__________
(vii) Number of partners which should not exceed for partnership business is ____________.
(viii) Salary or Commission to a partner is an ______________ out of profit.

Answer 1

Explanation:

1. Fixed
2. No interest is allowed
3. Not receive any salary
4. Equally
5. Profit or loss Appropriation account
6. 2
7. 200
8. Appropriation