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₹ 700 partnership correct; deed provisions interest capital drawings as per Act.
Ref: NCERT Accountancy Class XII Chapter 2 Partnership Accounts explains partnership deed interest capital drawings profit appropriation guarantee provisions.
₹ 2,00,000 partnership correct; deed provisions interest capital drawings as per Act.
Ref: NCERT Accountancy Class XII Chapter 2 Partnership Accounts explains partnership deed interest capital drawings profit appropriation guarantee provisions.
False correct accounting fundamental; capital revenue classification per accounting principles.
Ref: NCERT Accountancy Class XI Chapter 1 Accounting Fundamentals explains accounting meaning objectives advantages limitations double entry system clearly.
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