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WorksheetsPartnership
Total questions: 10
Worksheet time: 5mins
To start a partnership business, what should be the minimum number of partners?
2
10
4
20
What type of agreement is used to form a partnership business?
Written agreement
Oral Agreement
Written or Oral Agreement
No Agreement required
In partnership, partners liabilities are
Limited
Unlimited
Limited to the capital invested
Limited to the amount mentioned
What is the partnership written agreement known as?
Partnership Contract
Partnership Act
Agreement
Partnership Deed
Which is not a feature of a partnership business?
Easy Formation
Mutual Agency
Limited Liability
Two or more person
What type of paperwork is needed for a Partnership?
Business License
Partnership Agreement
Corporate Charter
Franchise Agreement
4. Which of the following item is recorded in Partner's Current Account?
Loan From Partner
Partner's Salary paid
Bank Interest
Drawings of goods
5. Which of the following item will appear on the credit site of the Profit And Loss Appropriation Account?
Interest On Capital
Interest On Drawings
Partners' Drawings
Partners' Salaries
The maximum number of members in an Ordinary Partnership is ____.
10
20
50
Unlimited
What is the correct double entry for partners introduce capital?
DR Assets CR Partners Capital
DR Assets CR Partners Current
DR Assets CR Appropriation
DR Capital CR Assets
