In partnership accounts, interest on drawings is charged when: MCQ with Answer and Explanation

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In partnership accounts, interest on drawings is charged when:

A. The partners have equal capital

B. It is mandatory as per Partnership Act 1932

C. It is agreed upon in the partnership deed

D. The firm makes a profit

Answer: Option C

Solution (By JKSSB Mock Tests)

Interest on drawings is only charged if it is explicitly mentioned and agreed upon in the partnership deed.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Standard Deduction available to salaried employees under Section 16(ia) for FY 2023-24 is:

A. Rs 1,00,000

B. Rs 1,50,000

C. Rs 40,000

D. Rs 50,000

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Correct Answer: Option D

Explanation:
A flat standard deduction of Rs 50,000 is allowed from the gross salary income.

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Correct Answer: Option B

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A bill of exchange is drawn on 1st January 2024 for 3 months. Its maturity date is:

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Correct Answer: Option D

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