Download App

Introduction to Partnership and Partnership Final Accounts — Book Keeping & Accountancy STD 12 Commerce / Arts — Question

Maharashtra BoardEnglish MediumSTD 12 Commerce / ArtsBook Keeping & AccountancyIntroduction to Partnership and Partnership Final Accounts2 Marks
Question
A bank loan is a current liability.
✓

Answer

This statement is Raise.
A loan usually taken for the period of more than 1 year say 5 years from the bank is called Bank Loan. It is a long term loan. It is not repaid within 1 year but paid in installments over a number of years. It might be paid in lumpsum at the expiry of the term.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "State whether the following statements are true or false with reasons" from Introduction to Partnership and Partnership Final Accounts→Introduction to Partnership and Partnership Final Accounts — all question types→Book Keeping & Accountancy STD 12 Commerce / Arts question papers→Maharashtra Board STD 12 Commerce / Arts question papers→Maharashtra Board question paper generator→

Similar questions

Gain ratio means New ratio minus Old ratio.
→
For recording the profit or loss up to the death, the Profit and Loss Appropriation Account is operated.
→
Once the application money is received, directors can immediately proceed with the allotment of shares.
→
After the death of a partner, the entire amount due to the deceased partner is paid to the legal representative of the deceased partner.
→
If goodwill is written off, Goodwill A/c is credited in the books of the firm.
→
Noting charges are payable to the Notary Public in honour of a bill.
→
If goodwill is written off, a Deceased Partner’s Capital Account is debited.
→
Usually, the current ratio should be 3 : 1.
→
A bill of exchange is a negotiable instrument.
→
All receipts are the items of revenue income.
→