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1. Which Section of the Partnership Act defines partnership as the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all? A. Section 61 B. Section 13 C. Section 48 D. Section 4
A. A
B. B
C. C
D. D
2. If partners are running a business without a partnership deed how much interest on their capitals will be given? A. Only for 6 months @ 6% p.a. B. 6% p.a. on capital C. No interest on capital D. 10 % p.a. on capital
A. A
B. B
C. C
D. D
3. In the absence of partnership deed profit sharing ratio will be: A. Equal ratio irrespective of partners capitals. B. Profits will not be distributed C. Capital Ratio D. Senior partner will get more profit
A. A
B. B
C. C
D. D
4. Partners collectively are called : A. Firm’s name B. Company C. Business D. Firm
A. A
B. B
C. C
D. D
5. It is better to have the agreement in writing to avoid any ___ A. Dispute B. Audit C. Loss D. Case
A. A
B. B
C. C
D. D
6. Which of the following is not a content of partnership deed? A. Interest on Bank Loan B. Interest on Partner’s Loan C. Interest on Capital D. Interest on Drawings
A. A
B. B
C. C
D. D
7. Partnership is established by ___________ A. Lawful Business B. Agreement C. Law D. Section 4
A. A
B. B
C. C
D. D
8. Registration of partnership firm is _________ A. Not Allowed B. Compulsory C. Optional D. Under Companies Act 2013
A. A
B. B
C. C
D. D
9. The persons who have entered into a partnership business with one another are individually called A. Firm B. Co-operatives C. Partner D. Company
A. A
B. B
C. C
D. D
10. Indian Partnership Act year is A. 1934 B. 1935 C. 1933 D. 1932
A. A
B. B
C. C
D. D
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