Partnership will prepare an extra account after the profit and loss account. This account is:
Balance sheet
Final account
Partnership account
Profit and loss appropriation account
In the case of banking business, maximum number of people are:
10
20
30
25
Loans from partners is:
Part of capital
Not a part of capital
Part of asset
Part of drawings
Normally maximum number of people allowed in a business.
As per Partnership Act, profit sharing ratio will be:
Equal
As decided by partners
Depend on the business
As per Government norms
Name of the account which shows the net profit/loss shared between partners.
Profit & loss account
Profit & loss appropriation account
Final accounts
Which act defines partnership?
Indian contract act
Agreement
Indian partnership act
Sale of goods act
A business owned by only one person is:
Sole trader
Partnership
Company
Limited liability partnership
Each partner has an account in nominal ledger. This account is known as:
Capital account
Personal account
Real account
Nominal account
Two sole traders agree to amalgamate their business without registering their amalgamation. This is:
HUF
