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Questions and Answers
What is the essential feature of a partnership?
What is the essential feature of a partnership?
- Public ownership
- Single owner
- Shared profits (correct)
- Limited liability
How is profit or loss distributed among the partners in a partnership?
How is profit or loss distributed among the partners in a partnership?
- Proportionately to the capital invested by each partner (correct)
- Equally among all partners
- According to the seniority of the partners
- According to the number of years in partnership
What adjustments are made to rectify past errors in partners' capital accounts?
What adjustments are made to rectify past errors in partners' capital accounts?
- Adjustments in revenue accounts
- Adjustments in expense accounts
- Adjustments in liability accounts
- Necessary adjustments in partners' drawings accounts (correct)
What is the minimum number of persons required to form a partnership according to the Indian Partnership Act 1932?
What is the minimum number of persons required to form a partnership according to the Indian Partnership Act 1932?
In which form of organisation do people usually adopt when the business expands?
In which form of organisation do people usually adopt when the business expands?
According to the Indian Partnership Act 1932, what becomes the basis of the relationship between partners?
According to the Indian Partnership Act 1932, what becomes the basis of the relationship between partners?
What is the essential feature of partnership with regards to the business according to the Indian Partnership Act 1932?
What is the essential feature of partnership with regards to the business according to the Indian Partnership Act 1932?
What is the maximum number of partners prescribed by the Central Government in a firm according to the Companies Act 2013?
What is the maximum number of partners prescribed by the Central Government in a firm according to the Companies Act 2013?
What does a partnership firm have apart from the partners constituting it?
What does a partnership firm have apart from the partners constituting it?
How does the Indian Partnership Act 1932 define partnership?
How does the Indian Partnership Act 1932 define partnership?
What is the name under which the business is carried called according to the Indian Partnership Act 1932?
What is the name under which the business is carried called according to the Indian Partnership Act 1932?
In what form should an agreement between partners be according to the Indian Partnership Act 1932?
In what form should an agreement between partners be according to the Indian Partnership Act 1932?
What is the main reason for adopting the partnership form of organisation?
What is the main reason for adopting the partnership form of organisation?
What is a key peculiarity of accounting for partnership firms?
What is a key peculiarity of accounting for partnership firms?
According to the Indian Partnership Act 1932, what is the minimum number of persons required to form a partnership?
According to the Indian Partnership Act 1932, what is the minimum number of persons required to form a partnership?
What accounts are prepared under both fixed and fluctuating capital methods in a partnership?
What accounts are prepared under both fixed and fluctuating capital methods in a partnership?
What is the effect of a guarantee for a minimum amount of profit on the distribution of profits among the partners?
What is the effect of a guarantee for a minimum amount of profit on the distribution of profits among the partners?
According to the Indian Partnership Act 1932, what becomes the basis of the relationship between partners?
According to the Indian Partnership Act 1932, what becomes the basis of the relationship between partners?
What accounts are prepared under both fixed and fluctuating capital methods in a partnership?
What accounts are prepared under both fixed and fluctuating capital methods in a partnership?
What is the basis of the relationship between partners according to the Indian Partnership Act 1932?
What is the basis of the relationship between partners according to the Indian Partnership Act 1932?
What is the name under which the business is carried called according to the Indian Partnership Act 1932?
What is the name under which the business is carried called according to the Indian Partnership Act 1932?
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