In which section of Indian constitution is partnership defined?
Section 4
Section 3(j)
Section 2 (h)
Section 11
Another name of partnership deed.
Partnership agreement
Partnership capital
Partnership loan
Liability
A capital account has:
Debit balance
Nominal balance
Personal balance
Credit balance
Normally maximum number of people allowed in a business.
10
20
30
25
Is it mandatory to register a partnership firm?
Yes, it's mandatory
No, it isn't
No comments
Either can register
Interest on loan account is transferred to:
Debit of the profit and loss account
Credit of the profit and loss account
Debit of the trading account
Credit of the trading account
Each partner has an account in nominal ledger. This account is known as:
Capital account
Personal account
Real account
Nominal account
Two sole traders agree to amalgamate their business without registering their amalgamation. This is:
Company
HUF
Partnership
Sole trader
The amount of balance, after the interest on capital and partners salaries are deducted is known as:
Profit
Net profit
Residual profit
Gross profit
All partners are responsible for the debts of a business. This is the feature of:
