NCERT
- What should be the minimum number of persons to form a Partnership : (A) 2 (B) 7 (C) 10 (D) 20 (A) 2 option A is correct 2
- The relation of partner with the firm is that of: (A) An Owner (B) An Agent (C) An Owner and an Agent (D) Manager (C) An Owner and an Agent 2
- Sleeping partners are those who (A) take active part in the conduct of the business but provide no capital. (B) do not take any part in the conduct of the business but provide capital and share profits and losses in the agreed ratio 1
- Oustensible partners are those who (C) do not contribute any capital and without having any interest in the business, lend their name to the business 1
- In the absence of any provision interest on capital will be calculated for _ (d) no interest 2
- Provisions of Table _ are applicable in the absence of partnership deed. (a) A (b) B (c) C (d) D (a) A option a is correcr 1
- Liability of a partner in LLP is __ (a) limited (b) unlimited (c) not defined in the law (d) limited to the capital only (a) limited option a is correct 2
- When there is no partnership deed then provisions of partnership act __ willbe applicable (c) 1932 option c is correct 2
- Maximum number of partners in a partnership firm can be __ (a) 50 (b) 20 (c) 100 (d) no limit Answer: (a) 50 The Indian Partnership Act, 1932 itself does not fix a maximum. But Section 464 of the Companies Act, 2013, read with Rule 10... 1
- In a partnership, liability of all partners is _ (a) unlimited option a is correct 2
- Profit will be divided in __ in the absence of partnership deed. (a) 1 : 1 (b) 2 : 1 (c) 1 : 2 (d) equal ratio (d) equal ratio 2
- Receipts and Payments Account usually indicates: (a) Surplus (b) Capital Fund (c) Debit Balance (d) Credit Balance (c) Debit Balance 2
- Property received as a result of the will of the deceased person is called: (a) Legacy option a 2
- Balance of Income and Expenditure Account shows: (d) Excess of Income over Expenditure or Vice Versa 2
- Subscription redeved in advance during the current year is: (a) An income (b) An Asset (c) A liability (d) None of these (c) A liability 2
- Capital fUnd is calculated: (a) Income-Expenditure (b) Assets Liabilities (c) Capital + Liabilities (d) None of these (b) Assets Liabilities 2
- All receipts from sale of consumable items are treated as (b) Revenue Receipts 2
- In case specific fund is maintained, the expenses exceeding the amount of the fluids, should be recorded on: (b) Debit side the Income and Expenditure Account 2
- In the Income and Expenditure Account all revenue receipts are entered on: (c) Right-hand side 2
- In Income and Expenditure A/c all revenue expenses are entered on: (b) Left-hand side 2
- The task of preparing Income and Expenditure A/c and the Balance Sheet commences after the preparation of the: (d) Cash A/c option d is correct 1
- In Receipts and Payments A/c, cash in hand or at the bank is put on: (a) Credit side (b) Left-hand (b) Left-hand side 2
- No cash transaction will be excluded from: (a) Balance Sheet (b) Profit & Loss A/c (c) Receipts and Payments 2
- If the credit side of Receipts and Payments A/c exceeds the debit side, the balance represents: (c) Bank overdraft 2