Question # 1

A person whoinvest the minor portion of capital in the business and so he has small share in the profit is called.

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Senior partner

Junior partner

quast partner

Nominal patner

In the absence of an partnership agreement the pfofit and losses are divided by the partners in the ratio of.

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Capitals

Profit and loss ratios

Equality

Time devoted by each partner

In the absence of an agreement partners shall

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Be paid salaries

Not to be paid the salaries

Be paid salaries by the consent of the pariners

Be paid salaris to thos who worked for the firm

A partner who takes an active part in the managment of the firm is called.

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Active partner

Sleeping partner

Norminal partner

Quasi partner

Capital of the partners are maintained under.

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Fixed capital method

Fluctuating method

By any two of the above

None of the above

When the capitals of the partners arr not allowed to change during the life time of the business except in extra ordinary circumslancer then they are called.

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Fluctuating capitals

Fixed capitals

Current capitals

None of these

In partnership minimum limit of partners is.

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Two (02)

Five(5)

Ten (10)

Tweleve (12)

For the firm, interest on drawing is.

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Expense

Income

Liability

None of these

The investment in partners capital accounts is to be credited to.

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Partners capital accounts

Profit and loss account

Interest account

None of these

Partnership is formed by the partners.

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Written agreement

Mutual consent

Verbal agreement

None of these

A paatner who invests capital inthe business but does not take active part in the conduct of the business is called.

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Active partner

Sleeping partner

Secrete partner

None of these

If some proparty is owned jointly with out any attention to carry on a business it is called.

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Partnership

Co- ownership

Sole ownership

Agency

Maximum numebr of the partners in an ordinary Partinership.

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Ten partners

Twentry partners

Thirty partners

Fourth partners

Interest on drawing is debited to.

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Partners capital accounts

Profit and loss account

Interest account

None of these

The persons who have entered two partnership are individually called.

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Agents

Partners

A firm

Vendor

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