Each partner has an account in nominal ledger. This account is known as:
Capital account
Personal account
Real account
Nominal account
The risk are shared. This is the feature of :
Sole trader
Company
Partnership
HUF
Loans from partners is:
Part of capital
Not a part of capital
Part of asset
Part of drawings
In the case of banking business, maximum number of people are:
10
20
30
25
A partner may make a loan to the business. This is treated as:
Partner's personal loan
Similar to all other loans
Different from other loans
Both B & C
All partners are responsible for the debts of a business. This is the feature of:
Another name of partnership deed.
Partnership agreement
Partnership capital
Partnership loan
Liability
Which act defines partnership?
Indian contract act
Agreement
Indian partnership act
Sale of goods act
A capital account has:
Debit balance
Nominal balance
Personal balance
Credit balance
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
