class 12 partnership

Number of partners in a partnership firm may be :

• Maximum Two

• Maximum Ten

• Maximum One Hundred

• Maximum Fifty

In the absence of Partnership Deed, the interest is allowed on partner’s capital:

• @ 5% p.a.

• @ 6% p.a.

• @ 12% p.a.

• No interest is allowed

In the absence of agreement, partners are not entitled to :

• Salary

• Commission

• Equal share in profit

• Both (a) and (b)

Which one of the following items cannot be recorded in the profit and loss appropriation account?

• Interest on capital

• Interest on drawings

• Rent paid to partners

• Partner’s salary

Which one of the following items cannot be recorded in the profit and loss appropriation account?

• Interest on capital

• Interest on drawings

• Rent paid to partners

• Partner’s salary

Partnership is the relation which subsists between persons who have agreed to combine their property,

labour or skill in some business and to share the profits there from between them.

• True

• False

• Partly true

• None of the above

A ...........partner is one whose association with the firm is unknown to the general public.

• Active

• Sleeping

• Secret

• Nominal

It can continue as long as the partners want and is terminated when any partner gives a notice of

withdrawal from partnership to the firm.

• Partnership at will

• Particular partnership

• Limited partnership

• Unlimited partnership

It is optional for a partnership firm to get registered

• True

• False

• Partly true

• None of the above

Partnership firms in India are governed under the Partnership Act.............