Question # 1

Investment in partnership is made byintroducing.

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Cash

Non cash assets

Cash or non cash assets

None of these

A partner, who hasnot attained the age of majority is called.

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Junior partner

Minor partner

Nominal patner

Quasi Partner

The owner of the partnership are called as.

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Member

Partners

Share holder

None of these

In the absence of an agreemetn, interest on loan advanced by the partner to the firm is allowd at the rate of.

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5 persent

6 persent

8 persent

9 persent

Current accout of the partners should be opened when the capitals are.

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Fluctuating

Fixed

Either fixed or fluctuating

Neither fixed or fluctuating

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

The persons who have entered two partnership are individually called.

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Agents

Partners

A firm

Vendor

A partner who is newly admitted to the firm with the consent of all the parties is called.

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Salaried partner

Incoming partner

Junior partner

Minor partner

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

In case of banking business, the numerb of persons must not exceed.

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Ten (10)

Twenty (20)

Tweinty five(25)

Fifty (50)

Interest on drawing is debited to.

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Partners capital accounts

Profit and loss account

Interest account

None of these

Maximum numebr of the partners in an ordinary Partinership.

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Ten partners

Twentry partners

Thirty partners

Fourth partners

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

Liability of the partners in partnership is.

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Limited

Unlimited

Limited up to the extent of their capitals

Depend on the will of the partners

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

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