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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
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 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.
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.
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.
An amount withdrawn by partner from business for his personal use.
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.
Partnership is an association of__________________ or more persons.
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.
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.
An interest on capital is an expenditure of the partnership 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.
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.
