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प्रश्न
Answer in one sentence only.
When is partner’s current account opened?
उत्तर
A Current Account is opened when the capital of the partners is to be kept unaltered. In such cases, all transactions relating to (except introduction and withdrawal of capital) interest on capital, interest on drawings, salary to partners, etc. are recorded in this account itself.
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संबंधित प्रश्न
Gupta and Sharma were partners in a firm. They wanted to admit five more members in the firm. List any two categories of individuals other than minors who cannot be admitted by them.
State the provisions of Indian Partnership Act regarding the payment of remuneration to a partner for the services rendered.
Answer in one sentence only.
Which act is applicable to partnership business?
Answer in one sentence only.
What is the liability of partners?
Give the word / term or phrase which can substitute the following statement.
A partner who is engaged in day to day activities of the business.
Answer in one sentence only.
Who is called a Minor Partner?
Give the word / term or phrase which can substitute the following statement.
An amount contributed by the partners into the business.
Give the word / term or phrase which can substitute the following statement.
An association of two or more persons to carry on business.
Give the word / term or phrase which can substitute the following statement.
A partner who contributes only capital for the business but does not take any active part.
Give the word / term or phrase which can substitute the following statement.
A partner below the age of 18 years.
Give the word / term or phrase which can substitute the following statement.
To close the business of partnership firm.
Give the word / term or phrase which can substitute the following statement.
An amount withdrawn by partner from business for his personal use.
Select the most appropriate alternative from those given below and rewrite the statement.
The Indian Partnership Act is in force since ____________
Select the most appropriate alternative from those given below and rewrite the statement.
Under fixed capital method, salary or commission to partner is credited to _______________ account.
Select the most appropriate alternative from those given below and rewrite the statement.
A partner below 18 years of age is called as __________________ partner.
Select the most appropriate alternative from those given below and rewrite the statement.
The interest on drawings is transferred to__________________ side of partner’s current account.
Select the most appropriate alternative from those given below and rewrite the statement.
The liability of the partner in a firm is__________________.
Select the most appropriate alternative from those given below and rewrite the statement.
The drawings of partners are transferred to __________________ account.
Select the most appropriate alternative from those given below and rewrite the statement.
If dates of drawings are not given, interest on drawings is charged for __________________ months.
Select the most appropriate alternative from those given below and rewrite the statement.
Maximum __________________ persons are required to form a partnership having trading business.
State whether the following statement are True or False.
An interest on capital is an expenditure of the partnership firm.
State whether the following statement are True or False.
There is no limit to maximum number of partners in a firm.
State whether the following statement are True or False.
The liability of minor partner is limited.
State whether the following statement are True or False.
Partners are entitled to get salary or commission.
Distinguish between ‘Dissolution of Partnership’ and ‘Dissolution of Partnership Firm’ based on:
- Settlement of assets and liabilities
- Economic relationship
Assertion: Batman, a partner in a firm with four partners has advanced a loan of ₹ 50,000 to the firm for last six months of the financial year without any agreement. He claims an interest on loan of ₹ 3,000 despite the firm being in loss for the year.
Reasoning: In the absence of any agreement/provision in the partnership deed, provisions of Indian Partnership Act, 1932 would apply.
