Normally maximum number of people allowed in a business.
10
20
30
25
Is it mandatory to register a partnership firm?
Yes, it is mandatory
No, it isn't.
No comments
Either can register
Name of the account which shows the net profit/loss shared between partners.
Profit & loss account
Profit & loss appropriation account
Balance sheet
Final accounts
Partnership will prepare an extra account after the profit and loss account. This account is:
Final account
Partnership account
Profit and loss appropriation account
As per Partnership Act, profit sharing ratio will be:
Equal
As decided by partners
Depend on the business
As per Government norms
Another name of partnership deed is:
Partnership agreement
Partnership capital
Partnership loan
Liability
A capital account has:
Debit balance
Nominal balance
Personal balance
Credit balance
Each member of partnership has an account other than capital. This is:
Capital account
Current account
Personal account
Nominal account
Two sole traders agree to amalgamate their business without registering their amalgamation. This is:
Company
HUF
Partnership
Sole trader
The amount of balance, after the interest on capital and partners' salaries are deducted is known as:
Profit
Net profit
Residual profit
Gross profit
