Is it mandatory to register a partnership firm?
Yes, it is mandatory
No, it isn't.
No comments
Either can register
As per Partnership Act, profit sharing ratio will be:
Equal
As decided by partners
Depend on the business
As per Government norms
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
Normally maximum number of people allowed in a business.
10
20
30
25
Another name of partnership deed is:
Partnership agreement
Partnership capital
Partnership loan
Liability
Which act defines partnership?
Indian contract act
Agreement
Indian partnership act
Sale of goods act
The amount of balance, after the interest on capital and partners' salaries are deducted is known as:
Profit
Net profit
Residual profit
Gross profit
A capital account has:
Debit balance
Nominal balance
Personal balance
Credit balance
Name of the account which shows the net profit/loss shared between partners.
Profit & loss account
Profit & loss appropriation account
Balance sheet
Final accounts
A business owned by only one person is:
Sole trader
Partnership
Company
Limited liability partnership
