Lesson.3. Accounts of partnership firms-fundamentals

The name under which the business of a firm is carried on is called the

• Company name

• Firm name

• Partnership firm

• Partner's name

The profit or loss arising from the partnership business is shared by the partners in the

• Old ratio

• New ratio

• agreed ratio

• sacrifice ratio

In India, Partnership firms are governed by the Indian partnership Act

• 1932

• 1930

• 1992

• 1986

__________ is a document in writing that contains the terms of the agreement among the partners.

• Partnership deed

• Partnership at will

• Both 'a' and 'b'

• None of these

_________ method, only capital account is maintained for each partner.

• Fixed capital

• Fluctuating capital

• Both a and b

• None of these

Under _________ capital arrangement, current accounts will not be maintained.

• Fixed

• Fluctuating

• Both a and b

• None of these

_________ can be formed only for a legal business

• Sole trader

• Co-operative societies

• Partnership

• None of these

Pick the Odd one Out.

• Names and addresses of all partners

• Profit sharing ratio

• Capital contributed by each partner

• Interest on partner's capital is allowed at 7% per annum

Pick the Odd one out.

• Remuneration to partners

• Fixed capital method

• Interest on capital

• Interest on drawings

Pick the Odd one Out.

• Manufacturing account

• Profit and loss account

• Balance sheet

• Fluctuating capital method