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Q. A partners has to pay interest on drawings what is the entry in the personal A/c of the partner?

Q. The persons who have entered into a partnership business are individually called:

Q. The principle “Debit the receiver and credit the giver” is related to_____

Q. When shares are forfeited, the share capital account is debited with ________ and the share forfeiture account is credited with __________.

Q. Branch Trading &Profit & Loss A/c is only a _________ account not forming part of the full accounting system.

Q. If all the partners, but one are insolvent it is:

Q. Profit and loss account is a

Q. Under Final A/c system, the profit or loss made by the branch is determined by preparing

Q. Matching concept means

Q. The comparison of financial statement of one year with that of another is possible only when _______ concept is followed