II B.Com PA Quiz-1 Partnership

Indian Partnership Act, 1932 defined Partnership under which section?

• Section 2

• Section 32

• Section 4

• Section 5

Features of a partnership firm are

• Two or more persons are carrying common business under an agreement.

• They are sharing profits and losses in the fixed ratio.

• Business is carried by all or any of them acting to or all as an agent.

• All of the above

The document or the instrument, containing the agreement between partners, is known as

• Partnership Deed

• Partnership Act

• Memorandum of Association

• Articles of Association

In the absence of partnership deed partner share profit and loss in

• Ratio of Capital Employed

• Equal ratio

• 2:1

• 1:1

Number of partners in a partnership firm may be :

• Maximum Two

• Maximum Ten

• Maximum One Hundred

• Maximum Fifty

The relation of partner with the firm is that of:

• An Owner

• An Agent

• An Owner and an Agent

• Manager

Which is not the clause of the Partnership Deed?

• Business can be carried on by all or any of the partner’s acting for all.

• Commencement of business.

• Rights & Duties of Partner

• None of the above

What should be the minimum number of persons to form a Partnership :

• 2

• 7

• 10

• 20

Which of the following items is not dealt through Profit and Loss Appropriation Account?

• Interest on Partner’s Loan

• Partner’s Salary

• Interest on Partner’s Capital

• Partner’s Commission

Under Partnership, the liability of a partner is:

• Limited

• Unlimited

• Determined by Court

• Determined by partnership Act