Question

Q.No.1. Answer the following as directed.

(A) Do you agree with the following statements? (4)

1. Current account always shows a credit balance.

2. All financial expenditure are debited to Profit and loss account.

3. Income expenditure account is Nominal Account.

4. Revaluation profit is distributed among old partners.​

Answer 1

Answer:

It's option 1 that current acc shows a credit balance / current credit balance..

Answer 2

Explanation:

1. Disagree

2. Disagree ... All indirect expenses are debit to profit and loss ac

3.Agree

4. Agree