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Question
Give the word / term or phrase which can substitute the following statement.
An association of two or more persons to carry on business.
Solution
Partnership
Explanation: A Partnership is an association of two or more persons who have agreed to carry on a lawful business and share profits or losses in the agreed ratio.
RELATED QUESTIONS
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?
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.
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An amount withdrawn by partner from business for his personal use.
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.
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.
The liability of the partner in a firm is__________________.
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.
If dates of drawings are not given, interest on drawings is charged for __________________ months.
State whether the following statement are True or False.
Partners must share profits and losses equally.
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.
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.
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.
