Each partner has an account in nominal ledger. This account is known as:
Capital account
Personal account
Real account
Nominal account
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
Normally maximum number of people allowed in a business.
10
20
30
25
As per Partnership Act, profit sharing ratio will be:
Equal
As decided by partners
Depend on the business
As per Government norms
The risk are shared. This is the feature of :
Sole trader
Company
Partnership
HUF
Each member of partnership has an account other than capital. This is:
Current account
In which section of Indian constitution is partnership defined?
Section 4
Section 3(j)
Section 2 (h)
Section 11
Loans from partners is:
Part of capital
Not a part of capital
Part of asset
Part of drawings
A capital account has:
Debit balance
Nominal balance
Personal balance
Credit balance
Which act defines partnership?
Indian contract act
Agreement
Indian partnership act
Sale of goods act
