partnership basics-1

2. can be admitted in to the benefits of partnership
4. if the capital account balances change because the appropriations are credited to the partners capital accounts the firm is said to follow--- capital method
8. these are uses of profits
10. under fixed capital method this account belonging to the partners can show debit or credit balance.
12. interest is not charged on the drawings out of ---

1. if a partner has incurred an expense or loss on behalf of the firm he has the right to get-----
3. if the firm takes loan from a partner it is shown on the --- side of the balance sheet
5. the nature of P&L appropriation account is that of a --- account.
6. if salary has to be paid to the partner irrespective of profit or loss made by the firm then it should be considered as a ---
7. The liability of the partners is
9. the objective of a partnership business should be to earn
11. as per the partnership act profits should be shared ----