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
As per Partnership Act, profit sharing ratio will be:
Equal
As decided by partners
Depend on the business
As per Government norms
Is it mandatory to register a partnership firm?
Yes, it's mandatory
No, it isn't
No comments
Either can register
A business owned by only one person is:
Sole trader
Partnership
Company
Limited liability partnership
Another name of partnership deed.
Partnership agreement
Partnership capital
Partnership loan
Liability
Normally maximum number of people allowed in a business.
10
20
30
25
A capital account has:
Debit balance
Nominal balance
Personal balance
Credit balance
Two sole traders agree to amalgamate their business without registering their amalgamation. This is:
HUF
All partners are responsible for the debts of a business. This is the feature of:
