(6) PARTNERSHIP — FUNDAMENTALS
Objective Type Questions:
1) Write the name of Partnership Act.
2) What is meant by "Unlimited
Liability of a Partner"?
Ans: The Personal assets of
the partner can be utilized for paying firm's debt.
3) What can be the minimum number of
partners in a firm?
4) What is the maximum number of
partners in a firm?
Ans: As per Companies Act,
2013, maximum number of partners in a Partnership Firm can be 50.
5) What is Partnership Deed?
6) If the absence of Partnership Deed,
what is the ratio in which the profit of a firm are divided among the partners?
7) In the absence of Partnership Deed,
at which rate of Interest is allowed on a Partners loan?
8) A Partnership Firm has 50 members,
all the partners have agreed to admit Manpreet and Sanjay as new Partners. Can
Manpreet and Sanjay be admitted? Give reason in support of your answer.
9) At least three persons are necessary
for forming a partnership. True/False
10) The liability of Partners is
limited True/False
11) Interest on Partner's Capital is
allowed @ 6% p.a. True/False
12) In the absence of deed, the profit
are shared in...........
ratio.
13) Partners are collectively called................
14) Under the........... capital method, capital at the opening and capital
at the end will be different.
15) Current Accounts are opened, when
capitals are..................
16) Interest on capital is calculated
on the:
(a) Opening Capital (b)
Closing Capital
(c) Average Capital (d)
None of these
17) Current Account of a partner will
always have:
(a) Credit Balance (b)
Debit Balance
(c) Both (d) None of these
18) In the absence of agreement,
partners are not entitled to receive:
(a) Salary (b) Commission
(c) Interest on Capital (d)
All of these.
19) Partners' current accounts are
opened, when the capitals are
(a) Fixed (b) Fluctuating
(c) None of these (d) All
of these.
20) A partner acts as.......... for a firm
(a) An Agent (b) a
Principal
