Micheal Vaz solutions for Book Keeping and Accountancy [English] 12 Standard HSC Maharashtra State Board chapter 1 - Introduction to Partnership [Latest edition]

Answer in one sentence only. 
What is Partnership?

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Which act is applicable to partnership business? 

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How many persons are required to form partnership business?

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Why is a partnership deed prepared?

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What is Fluctuating Capital Method?

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When is partner’s current account opened?

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Who is called a Minor Partner? 

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What are the methods of maintaining partners’ capital accounts?

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What is the relation between the partners?

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What is the liability of partners?

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Method of Capital account in which capital balances of partners changes every year?

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A partnership agreement between the partners in written form.

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A partner who provides only his name to the partnership firm.

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A partner who is engaged in day to day activities of the business.

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An amount contributed by the partners into the business.

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An association of two or more persons to carry on business.

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A partner who contributes only capital for the business but does not take any active part.

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A partner below the age of 18 years.

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To close the business of partnership firm.

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Capital method in which partner’s current account is opened.

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An amount withdrawn by partner from business for his personal use.

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The partner who is entitled to share profits only.

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A partner who acts and behaves like a partner, but he is not a partner of the firm.

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Under this method capital balances of partner remain constant.

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A debit balance of partner’s current account will appear on the ___________ side of the Balance Sheet.

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The Indian Partnership Act is in force since ____________

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A partner who provides only capital to the firm is called as__________________.

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Under fixed capital method, capital account and __________________ account is opened for each partner.

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The interest on capital of a partner is credited to __________________ account.

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Under fixed capital method, salary or commission to partner is credited to _______________ account.

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A partner below 18 years of age is called as __________________ partner.

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A partner who lends only his name to the firm is called as__________________ partner.

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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__________________.

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Partnership is an association of__________________ or more persons.

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The drawings of partners are transferred to __________________ account.

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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.

Partnership agreement must be in written form.

A partnership firm is a trading concern.

State whether the following statement are True or False.

Partners must share profits and losses equally.

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The interest on drawings is an income of the partnership firm.

State whether the following statement are True or False.

Partner’s current account is opened when fluctuating capital method is adopted.

State whether the following statement are True or False.

A partner who provides only capital to the firm is called as nominal partner.

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.

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The balance of capital account remains constant under fixed capital method.

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If the partnership deed is silent, partners share profits and losses equally.

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Partnership is an association of two or more persons.

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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.

Capital account always shows credit balance.

State whether the following statement are True or False.

Partners are entitled to get salary or commission.