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प्रश्न
State whether the following statement are True or False.
There is no limit to maximum number of partners in a firm.
विकल्प
True
False
उत्तर
False .
Explanation: The Companies Act of 1956 specifies the maximum limit of partners in a firm as 10 in case of banking business and 20 in case of any other business. Hence, the given statement is false.
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संबंधित प्रश्न
What is ‘liability of partners’ ?
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.
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 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.
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.
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An amount withdrawn by partner from business for his personal use.
Give the word / term or phrase which can substitute the following statement.
The partner who is entitled to share profits only.
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.
A partner who provides only capital to the firm is called as__________________.
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.
A partner below 18 years of age is called as __________________ partner.
Select the most appropriate alternative from those given below and rewrite the statement.
A partner who lends only his name to the firm is called as__________________ partner.
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.
Maximum __________________ persons are required to form a partnership having Banking business.
State whether the following statement are True or False.
The interest on drawings is an income of the partnership 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.
