Partnership Accounts

In the absence of partnership deed interest on loan will be given at rate of ?

• 5%

• 6%

• 7%

• 8%

Accounting rules for partnership are governed by the partnership act of

• 1933

• 1956

• 1932

• 2013

In the absence of a partnership deed the partners are entitles to interest on capital at the rate of

• 6%

• 9%

• 12%

• nil

A and B are Partners .A drew Rs 20000 .If the rate of Interest on Drawing is 5% per annum then ______ will amount of interest on drawing.

What do you mean by Partnership?

According to the Garner Vs. Murray rule Capital deficiency of insolvent partner will have to borne by remaining solvent partner--------.

Tick the situations in which a partnership firm comes to an end

• Retirement

• Death

• Insolvency

• Fulfillment of the object

Tick the Provisions of Partnership Act, 1932 in the absence of Partnership Deed

• profits and losses of the firm are to be shared equally by partners

• No interest on capital is payable

• Interest is to be charged on drawings @ 6% p.a

• No partner is entitled to get salary or other remuneration

  for taking part in the conduct of the business of the firm

• No interest on loan payable to partners

The written agreement of partnership is most commonly referred to as :

• Agreement

• Partnership Deed

• Partnership contract

• Partnership Act

Ram , a partner in a partnership firm withdrew Rs. 7,000 in the beginning of each month.Interest on drawing would be charged for------.