pertnership final account

When there is no partnership agreement between partners, the division of Profits take place in ..................... ratio

• Equal

• capital ratio

• initial contribution

• experience and tenrue of partners.

To find out Net Profit or Net Loss of the business ..................... account is prepared.

• Trading

• Capital

• Current

• Profit & Loss

A ..................... is an Intangible Asset.

• Goodwill

• Stock

• Cash

• Furniture

In the absence of an agreement, interest on loan advanced by the partner to the firm is allowed at the rate of .....................

• 5%

• 6%

• 10%

• 9%

Liability of partners in a partnership business is ..................... .

• Limited

• Unlimited

• Limited and Unlimited

• None of the above

The Indian Partnership act is in force since .....................

• 1932

• 1881

• 1956

• 1984

Maximum number of Partners in a firm are ..................... according to Companies Act 2013.

• 10

• 25

• 20

• 50

Persons who form the partnership firm.

Amount of cash or goods withdrawn by partners from the business from time to time.

An association of two or more persons according to Indian partnership Act 1932.