WorksheetsPartnership
Total questions: 6
Worksheet time: 5mins
Ram, Raj and Kiran are partners in a firm. All three of them handle different departments as they have expertise in those areas. They all equally share their duties and control the business operations which help in smooth working of the firm. Which feature of partnership is highlighted here?
Membership
Continuity
Decision Making and Control
Mutual Agency
Meg and Ria run a boutique in a partnership, sharing profits and losses equally. The assets of the firm are worth ₹50,000, but the firm’s debts amount to ₹80,000. Who will be responsible to pay the debt of ₹30,000 over and above the assets?
Debt will be paid wholly by Meg
Debt will be paid wholly by Ria
Debt will be paid equally by Meg and Ria
Debt will be not be paid by Meg or Ria
Which of the following statement is true?
Partnership is registered under Partnership Act 1986
A minor can't be partner
Written agreement among partners is called partnership
deed
There should be minimum 3 persons to start a partnership
Partnership firm is not legally required to publish its accounts and submit its reports. Which merit does this imply?
Sharing of risks
Secrecy
More funds
Easy formation
