Two sole traders agree to amalgamate their business without registering their amalgamation. This is:
Company
HUF
Partnership
Sole trader
Name of the account which shows the net profit/loss shared between partners.
Profit & loss account
Profit & loss appropriation account
Balance sheet
Final accounts
In which section of Indian constitution is partnership defined?
Section 4
Section 3(j)
Section 2 (h)
Section 11
Normally maximum number of people allowed in a business.
10
20
30
25
Each partner has an account in nominal ledger. This account is known as:
Capital account
Personal account
Real account
Nominal account
Each member of partnership has an account other than capital. This is:
Current account
As per Partnership Act, profit sharing ratio will be:
Equal
As decided by partners
Depend on the business
As per Government norms
Partnership will prepare an extra account after the profit and loss account. This account is:
Final account
Partnership account
Profit and loss appropriation account
The risk are shared. This is the feature of:
The amount of balance, after the interest on capital and partners' salaries are deducted is known as:
Profit
Net profit
Residual profit
Gross profit
