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प्रश्न
Select the most appropriate alternative from those given below and rewrite the statement.
A partner who provides only capital to the firm is called as__________________.
विकल्प
active
nominal
sleeping
minor
उत्तर
A partner who provides only capital to the firm is called as sleeping partner.
Explanation: A partner who just provides capital to the firm and does not take active part in day-to-day functioning of the business is a sleeping partner. But he is liable to the third parties for the dues of the firm.
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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.
Under which major headings and sub-heading will the following items be placed in the Balance Sheet of a company as per Schedule VI part I of the Companies Act, 1956 :
(1) Loans provided re-payable on demand.
(2) Goodwill
(3) Copyright
(4) General Reserve
(5) Cheques
(6) Loose tools
(7) A stock of finished goods
(8) 9% debentures re-payable after three years
Under which major sub-headings the following items will be placed in the Balance Sheet of a company as per revised Schedule-VI, Part-I of the Companies Act, 1956:
i. Capital Reserve
ii. Bonds
iii. Loans repayable on demand
iv. Vehicles
v. Goodwill
vi. Loose tools
State the provisions of Indian Partnership Act regarding the payment of remuneration to a partner for the services rendered.
Answer in one sentence only.
What is the relation between the partners?
Answer in one sentence only.
What is the liability of partners?
Give the word / term or phrase which can substitute the following statement.
A partnership agreement between the partners in written form.
Give the word / term or phrase which can substitute the following statement.
A partner who provides only his name to the partnership firm.
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.
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.
A partner who acts and behaves like a partner, but he is not a partner of the firm.
Select the most appropriate alternative from those given below and rewrite the statement.
A debit balance of partner’s current account will appear on the ___________ side of the Balance Sheet.
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, capital account and __________________ account is opened for each partner.
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.
If dates of drawings are not given, interest on drawings is charged for __________________ months.
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.
Partners’ current account always shows credit balance.
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.
P, Q, and R were partners in a firm. On 31st March 2018 R retired. The amount payable to R ₹ 2,17,000 was transferred to his loan account. R agreed to receive interest on this amount as per the provisions of Partnership Act, 1932. State the rate at which interest will be paid to R.
