The statement of financial position of a partnership will
Show a separate amount of equity for each partner
Show a separate drawing account for each partner
Show the amount of profit that was distributed to each of the partner
All of the above
The individual assets invested by a partner in a partnership
Revert back to that partner if the partnership liquidates
Determine that partner's share of profit or loss for the year
Are jointly owned by all partners
Determine the scope of authority of that partner.
Registration of Partnership is
Compulsory
Optional
Not necessary
None of these
When a partnership liquidates its business, the sale of the non cash assets is called
Insolvency
Realisation
Recognition
Disposition
An entry is not required in the liquidation of a partnership to record the
Payment of cash to creditors
Distribution of cash to the partners
Sale of non cash assets.
Allocation of a capital deficiency to partners with credit balances when the deficient partner is expected to pay the deficiency.
The partner is a limited partnership that has unlimited liability is referred to as the
Limited partner
Special partner
Sleeping partner
General partner
A partner who does not take part in the working of the firm is called
Nominal partner
Active partner
Partner by Estoppel
The partners liability in India is
Limited
Limited to an extend
Unlimited
A partnership firm may be registered under
1949 Act
1956 Act
1932 Act
1957 Act
In partnership there exists a relationship of
Principal and agent
Owner and servant
Employer and employee
Debtor and Creditor
