Question 2 :
Assertion: The auditor of a partnership firm is appointed under a contract with firm but not under any statute. Reason: The firm can also appoint him to act as an accountant for preparation of accounts.

Question 5 :
When the Interest on drawings is charged to partners, Interest on Drawing Account is credited, and Partner's Capital Account is debited. It is called __________. 

Question 6 :
M and N are partners in a firm. M has given a loan of Rs. 8,000 to the firm on 1st July, 2017. The partnership deed is silent upon the question of provision of interest on partner's loan. Compute the amount of interest payable on the loan advanced by M to the firm, assuming the books are closed on 31st March each year.

Question 7 :
K and L sharing profits in the ratio of 7 : 3 admit M on 3/7 share in the new firm which he takes 2/7 from K and 1/7 from L. The new ratio of K , L and M will be ____________.<br/>

Question 8 :
Which of the following does not appear in the Profit &amp; Loss Appropriation Account?&#160;

Question 10 :
If any partner has advanced some money to the firm beyond the amount of his capital for the purpose of business, he shall be entitled to get an interest on the amount at the rate of _____ percent per annum.