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.

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

The minimum number of persons in a partnership firm is

• one

• two

• seven

In a partnership business, agreement is

• compulsory

• optional

• not necessary

In a partnership, partners share their profits and losses in ______ ratio

• their capital

• equal

• agreed

Under fixed capital system, the profits and losses of partners will be transferred to their _______ account

• current

• drawings

• capital