TextBook Solutions
- Interest on drawings of the Partners is a : (a) Loss to business (b) Profit to business 2
- Calculate interest on drawings @ 12% p.a. for Gambhir if he withdrew 7 2,000 once at the beginning of each month: (a) 7 1,560 correct is a 2
- Interest on Partner’s capital is : (a) An expenditure (b) An appropriation (c) A gain (d) None of these (b) An appropriation 2
- X, Y and Z are partners sharing profits and losses equally. Their capital balances on March Answer: (C) X — ₹1,00,000; Y — ₹75,000; Z — ₹50,000 The liability of partners in a partnership firm is unlimited. If the firm's assets are n... 1
- Which one of the following is NOT an essential feature of a partnership? (D) The business must be carried on by all the partners 2
- Liability of partner is : (A) Limited (B) Unlimited (C) Determined by Court (D) Determined by Partnership Act (B) Unlimited 2
- Number of partners in a partnership firm may be: (D) Maximum Fifty 2
- 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