MCQExams
0:0:1
CBSE
JEE
NTSE
NEET
Practice
Homework
×
CBSE Questions for Class 12 Commerce Accountancy Accounting For Partnership: Basic Concepts Quiz 11 - MCQExams.com
CBSE
Class 12 Commerce Accountancy
Accounting For Partnership: Basic Concepts
Quiz 11
X, Y and Z are sharing profits & losses in the ratio of 5:3:They decide to share future profits & losses in the ratio of 2:3:5 with effect from 1st April. They also decide to record the effect of following revaluations without affecting the book values of the assets & liabilities, by passing a single adjusting entry:
Book Figure
Revalued Figure
Land & Building
Rs 60,000
Rs 90,000
Plant & Machinery
Rs 90,000
Rs 84,000
Trade Creditors
Rs 30,000
Rs 27,000
Outstanding Expenses
Rs 27,000
Rs 36,000
The necessary single adjusting entry will involve:
Report Question
0%
Debit Z and Credit X with Rs 5,400
0%
Debit X and Credit Z with Rs 5,400
0%
Debit Y and Credit X with Rs 5,400
0%
Debit X and Credit Y with Rs 5,400
Explanation
In this question,revaluation account has to be prepared to calculate any profit or loss due to revaluation of assets or liabilities.
A revaluation account is prepared on the basis that reduction in assets or increased liability are debited but reduced liability or increased assets are credited.
Revaluation profit or loss$$=Rs30,000(credited)-Rs6,000(debited)+Rs3000(credited)-Rs9000(debited)\quad =Rs18,000$$
The next step is to calculate sacrifising ratio of X, Y and Z
X's sacrifising ratio$$=\frac { 5 }{ 10 } -\frac { 2 }{ 10 } \quad =\frac { 3 }{ 10 } $$
Y's sacrifising ratio$$=\frac { 3 }{ 10 } -\frac { 3 }{ 10 } \quad =\frac { 0 }{ 10 } $$
Z's sacrifising ratio$$=\frac { 2 }{ 10 } -\frac { 5 }{ 10 } \quad =\frac { -3 }{ 10 } $$
It is clear from above that X has sacrifised whereas Z has gained and Y is out of it.
X's sacrificed amount$$=\frac { 3 }{ 10 } \times Rs18,000\quad =Rs5,400$$
Z's gained amount$$=\frac { 3 }{ 10 } \times Rs18,000\quad =Rs5,400$$
Since, journal entry for chnage in ratio is
$$Gaining Partner's Capital A/c Dr.\\ \quad To\quad Sacrificing Partner's Capital A/c$$
Hence, X is credited with $$Rs5,400$$ and Z has to be debited with $$Rs5,400$$
The Indian Partnership Act came into force on _________.
Report Question
0%
1.9.1872
0%
1.7.1930
0%
1.10.1930
0%
1.10.1932
Explanation
An
Act to
define and amend the
law
relating
to partnership
. 1 October 1932 except section 69 which
came into force
on the 1st day of October 1933. extends
to
the whole of
India
except for Jammu and Kashmir. The
Indian Partnership Act
, 1932 was
enacted in India in
1932.
The essential elements of a partnership __________________.
Report Question
0%
must co-exist before a partnership can come into existence
0%
may be brought in within a reasonable time of a partnership coming into existence
0%
may be brought in any time either during the creation of partnership or even thereafter before a partnership can come into existence, but they must coexist within one year of a partnership coming into existence
0%
none of the above
Explanation
Generally when a business is set up all rules and regulations are stated before starting the working.
Hence, the essential elements of partnership like name, address, number of partners and various inforrmation regarding partnership must be presented before the inaugration of partnerrship firm.
A partnership cannot be formed _______.
Report Question
0%
for carrying on a business
0%
for carrying on a profession
0%
for carrying on charitable activities
0%
none of these
Explanation
Partnership none other than a business run by two or more person under an agreeement. And basic requirement of every business is profit and so do a partnership firm.
The only activity which doesn't earns a business profit is charity activity. Hence, business carried on for charitable activites cannot be called a partnership as it doesn't earns the business any profit. Since, charity activities are meant for benefits of people without own benefit.
The partnership can be formed ______________________.
Report Question
0%
Two brothers Y (age 17 years), Z (age 16 years) decide to form partnership
0%
Two brothers X (age 18 years), Y (age 17 years) decide to form partnership with provision that Y will share the profits only
0%
Three brother W (age 19 years), X (age 18 years), Y (age 17 years) decide to form a partnership with a provision that Y will share the profits only
0%
None of these
Partnership is the relation between two or more persons _______.
Report Question
0%
who are sharing profits & losses equally of a business carried on by all or any them acting for all
0%
who have agreed to share the profits of a business carried on by all.
0%
who have agreed to share the profits & losses equally of a business carried on by all or any them acting for all
0%
none of these
Explanation
All of the statements are incorrect for a partnership firm because:
The first statement is not meant for partnership as it the profit sharing cannot always be equal, it is mutual decision of partners to decide the ratio.
Again the second is also incorrect it is ot mandatory that partnership must be run by every partner. A single partner can also run the business as per the consent of partners.
The third statement is again incorrect. As stated above, it is not a compulsion to share profits equally. It canbe any ratio as decided by partners.
Business of the firm must be carried on by _______.
Report Question
0%
majority of the partner only
0%
all the partners
0%
one of the partners only
0%
senior partners only
0%
none of these
Explanation
A partnership firm has several partners running a business. It is not mandatory that all partners must take part in business or a majority of partner run the firm.
Only a single partner doesn't have to look after the business or any senior partner is not liable for business.
It is a combination of either a single partner or all the partners run the partnership firm and it is the mutual decision of all the partners.
Which of the following is not an essential feature of partnership?
Agreement
Registration
Test of Mutual Agency
Separate Legal Entity
Report Question
0%
1 & 2
0%
2 & 3
0%
2 & 4
0%
1 & 4
Explanation
Partnership firm is all about a mutual agreement between various persons to carry out a business.
Agreement is must for any kind of partnership since it defines all the terms and conditions to be applied. Along with it mutual agency test must be there so that the compatibilityof every partner can be checked for future benefits.
It is not mandatory for any partnership to get registered since small business find it costly to register themselves. And separate legal entity is not possible with a partnerrship because the business and the owner are same in this case.
The Indian Partnership Act applies to ___________.
Report Question
0%
whole of India including the State of Jammu & Kashmir
0%
whole of India except the State of Jammu & Kashmir
0%
whole of India except Goa, Daman, Diu
0%
whole of India including Goa, Daman, Diu.
The maximum number of partners is mentioned in _________.
Report Question
0%
the Partnership Act
0%
the General Clauses Act
0%
the Companies Act
0%
the Societies Registration Act
Explanation
There are many acts which were passed to define the accouting of various types of firms and partnership is one of them.
But the only act which defined the maximum number of partners in the firm is companies act. In the year 1956 companies act limited partnership to 20 members but in year 2013 a new companies came into force and maximised number of partners.
The essential elements of partnership include ________.
Report Question
0%
there must be an association of three or more persons
0%
there must be an agreement to share profits and losses equally
0%
there must be mutual agreement among partners
0%
the relationship must be registered
Explanation
Any partnership is based on various features and elements but the most important or essential is an agreement defining the partnership.
An agreement is must because it lays down all the important information regarding partnership like sharing ratio, liability limit and many more.
The other options are not that essential because it's not necessary to have at least three partners and agreement need to be written along with the firm being registered.
The maximum limit on the number of members of a Joint Hindu family carrying on family non-banking business is ________.
Report Question
0%
10
0%
20
0%
50
0%
no limit
Explanation
Family non-banking business is the one which is done by a single family for their own need and are far away from providing any banking facility.
Again companies act 2013 has stated about such partnerships that there is no limit for partner when talked about partnership firms carrying on such business. This is all because a family business is separate from businesses meant for society and profit earners and thus government has no rights on them.
Which of the following is not correct?
Report Question
0%
Partner of firm cannot enter into a contract with the partnership firm.
0%
A member of a company can enter into a contract with the company.
0%
Partner of a firm can enter into a contract with the partnership firm.
0%
All of the above.
Explanation
The first option is incorrect of amongst all other options. This is because any individual cannot be called as a partner if he is not included in partnership agrrement. Thus, the partner needs to enter into contract of partnership firm.
The other two options are correct because a member or a partner is free to enter into contract of partnership firm and without an agreement he or she won't be called as a partner.
The partnership relation exists when __________.
Report Question
0%
joint owner of some property share profit or loss arising from the property
0%
a person receives a share of profit as a part of his remuneration
0%
two friends A ( age 19 years), B ( age 17 years) decide to form a partnership
0%
A and B agree to sell clothes for their joint account and share the profits
Explanation
The basic elements that tag any business a partnership are business done by partners along with partners being majors above 18 years.
In option A, joint owner do earns proifit with a partner but that profit is not due to any business it is because of sale of a property. Thus, there is no partnership relation.
In opton B, the person is receiving his share of profit but there is no information about his business and partner anf thus it won't be a partnership relation.
In option C, partner B is a minor below 18 years hence he is not a legal partner with A. Thus, again it can't be a aprtnership.
In option D, both the partners A and B are carrying on the business of clothes aand they share profits too. Thus, this relation can be called as a partnership since no information is provided about their ages.
Hence, there is a partnership relation in option D only.
The maximum number of partners in a firm carrying on banking business cannot exceed:
Report Question
0%
5
0%
10
0%
15
0%
20
Which of the following is correct?
Report Question
0%
A partnership firm has a separate legal entity apart from partners.
0%
Two firms can form a new partnership.
0%
The partners of individual firm can form a partnership.
0%
None of these.
Explanation
Amongst all statements the third one is correct because a business would be called a partnership only when the partners belong to a single firm only. People joining from different firms would not be a partnership.
The first option is incorrect because a partnership cannot have a separate legal entity because partners only are the owners of firm. Like any other joint stock it doesn't have shareeholders as its owner.
The second option is also incorrect because when two firms join together it is not a partnership rather it is combining of two different companies to form a single company.
The partnership firm does not become an illegal association when _________.
Report Question
0%
The number of partners in a banking business exceeds 10
0%
The number of partners in a non-banking business exceeds 10
0%
The number of partners in a banking business exceeds 20
0%
The number of partners in a non-banking business exceeds 20
Explanation
Companies Act 2013 has clearly stated that maximum of 50 partners must be there for any non-banking partnership firm. So, if the members of a partnership firm exceeds 10, it doesn't becomes an illegal association.
In other options there is a chance of partnership being called an illegal association because more than 20 partners in banking or non-banking firm can be a problem for rivals and they may file a case against it.
Mutual Agency is ________.
Report Question
0%
Prima facie evidence of partnership
0%
Conclusive evidence of partnership
0%
none of these
0%
A and B
Explanation
Mutual agency is a right to every partner of firm to represent the partnership agreement and normal business operations under any situation. It is basically a motivation for every partner to stick to that firm only.
Hence, it can be called as conclusive evidence of partnership because partners are the ones to represent their partnership firm.
The real test of partnership is __________.
Report Question
0%
business
0%
sharing of Profits
0%
agreement
0%
business to be carried on by all or any of them acting for all
Explanation
Partnership firms are usually called people as business done by two or more persons and is very easy to run. But real test of any partnership is carried when a single partner or a group of persons take responsiblity to runt he business. It is difficult for a single partner as he is the only person to manage every task and problems faced by a group of partners is compatibility with each other to work peacefully.
A firm _______.
Report Question
0%
has a legal existence of its own
0%
does not have a legal existence, apart from its partners
0%
has no legal existence
0%
None of the above
Explanation
A partnership firm is all because of its partners. Without the partners there is no legal existence of firm because there is no one to run the business. Hence, a firm doesn't has it own existence, it is all due to its partners.
Thus, other options apart from the second one are incorrect.
The maximum number of partners allowed in a firm carrying on general business is _______.
Report Question
0%
10
0%
20
0%
50
0%
100
Explanation
A business which is exempted from providing any kind of banking facility is a non-banking or general business.
Companies act 2013 has laid down the rule for such business when it comes to partnership that maximum 20 partners can only enter into the business. Above this, an illegal tag would be put on the business of that firm and no one can question about this tag.
Registration of a firm is ___________.
Report Question
0%
compulsory
0%
optional
0%
None of these
0%
Both A and B
Explanation
Registration of the firm is optional. Registration isn't mandatory but there are many disadvantages of not registering a firm.
An unregistered firm cannot sue partners or the partners cannot sue the firm, the firm cannot sue third parties, there is no proof in case of disagreement related to profit sharing ratio hence, difficult to solve disputes with no proof in the court of law.
A partnership at will may be dissolved by any partner by giving ________.
Report Question
0%
an oral notice to all other partners of his intention to dissolve the firm.
0%
a notice in writing to any of the partners of his intention to dissolve the firm.
0%
a notice in writing to majority of the partners of his intention to dissolve the firm.
0%
a notice in writing to all other partners of his intention to dissolve the firm.
Explanation
A partnership at will can be dissolved at any time without any liability on the partners by giving a notice in writing to all the other partners of his intention to dissolve the firm.
A partnership at will is one which does not provide for how long the business will continue. It is basically a partnership where partners have not agreed to remain in partnership until a definite fixed term.
A partnership at will is one:
Duration not fixed
Duration fixed
Dissolved at any time
Can be dissolved only on the happening of an event.
Report Question
0%
1 & 2
0%
2 & 3
0%
3 & 4
0%
1 & 3
Explanation
A partnership at will is one which does not provide for how long the business will continue. It is basically a partnership where partners have not agreed to remain in partnership until a definite fixed term.
The partnership can be dissolved at any time without any liability on the partners.
A partnership at will is one ________.
Report Question
0%
which does not have any deed
0%
which does not have any partner
0%
which does not provide for how long the business will continue
0%
which cannot be dissolved
Explanation
A partnership at will is one which does not provide for how long the business will continue. It is basically a partnership where partners have not agreed to remain in partnership until a definite fixed term. The partnership can be dissolved at any time without any liability on the partners.
An unregistered firm cannot claim __________.
Report Question
0%
set on
0%
set off in excess of Rs. 100
0%
set on and set off
0%
none of the above
Explanation
Registration of a firm is not compulsory under law. An unregistered firm has a lot of disadvantages like it cannot sue third parties or its partners, cannot claim any set off in excess of RS-100, the partners cannot claim any right against the firm.
A partner of an unregistered firm cannot ________.
Report Question
0%
claim set-off if its value does not exceed Rs. 100
0%
file a suit for the dissolution of the firm
0%
file a suit for the accounts of a dissolved firm
0%
file a suit for claiming share of assets of a dissolved firm
0%
file a suit for the recovery of share of profits.
Explanation
A partnership is a voluntary association of 2 or more persons who come together to do business and earn profits. Registration of a firm is not compulsory but the partners of a unregistered firm cannot file a suit against the firm or third parties and thereby cannot file a suit for the recovery of share of profits.
Which of the following statements, about the registration of the firm, is not true?
Report Question
0%
It must be done at the time of its formation.
0%
It may be done at the time of formation.
0%
It may be done before filing a suit against third party.
0%
It may be done at any time after its formation.
Explanation
STATEMENT A.
It is not mandatory to register a firm. The registration of a firm can be done at any time on or after the formation of the firm. Hence, the statement that registration must be done at the time of formation of the firm is incorrect.
In case of non-registered partnership firm ___________.
Report Question
0%
a partner can file a suit against the firm
0%
a partner can file a suit against any partner of the firm
0%
the firm can file a suit against third parties
0%
third party can file a suit against the firm
Explanation
Registration of a firm is not compulsory under law. The firm cannot sue its partners, the partners cannot sue the firm or third party, but the third parties can sue the firm in the court of law.
Suppose you have entered into a partnership agreement with me and the partnership-deed provides neither for the duration nor for the determination of our partnership. What is the technical expression for this kind of partnership?
Report Question
0%
Partnership for a fixed term.
0%
Partnership at will.
0%
Particular Partnership.
0%
Any of these.
Explanation
A partnership at will is one which does not provide for how long the business will continue. It is basically a partnership where partners have not agreed to remain in partnership until a definite fixed term. The partnership can be dissolved at any time without any liability on the partners.
Registration of firm can be effected ________.
Report Question
0%
at the time of its formation
0%
at any time after its formation
0%
on or after formation of firm
0%
None of these
Explanation
It is not mandatory to register a firm.
Hence, the registration of a firm can be done at any time on or after the formation of the firm.
A change in the nature of business of the firm may be made only with the consent of _________.
Report Question
0%
majority of partners
0%
all partners
0%
senior partners
0%
working partners
Explanation
A change in the nature of the business of the firm may be made only with the consent of all the partners.
Which of the following is correct?
Report Question
0%
The liability of partners of a firm is unlimited.
0%
Generally the liability of a member of a company is limited but it can be unlimited.
0%
All of the above.
0%
The liability of partner of the firm is same a member of any company.
Explanation
The liability of the partners of a firm is unlimited whereas the liability of the member of a company is generally limited but can be unlimited. By unlimited liability they mean that the personal assets of the partners can also be attached if needed.
Where a partner is entitled to interest on capital subscribed by him, such interest will be payable ___________.
Report Question
0%
only out of profit
0%
only out of capital
0%
out of profits or out of capital
0%
none of these
Explanation
Where a partner is entitled to interest on capital subscribed by him, such interest will be payable only out of profit. Interest on capital is an appropriation and hence will be provided only out of profits.
What constitutes firm property ___________.
Report Question
0%
property belonging to a partner who enters into an existing partnership
0%
any property used for the purpose of the business of the firm
0%
fixed assets brought in by partner to the common stock of firm
0%
the property acquired by partner out of money, withdrawn from the firm's bank account for personal use
Explanation
Fixed assets brought in by the partner to the common stock of firm. The property of the firm is the basically the property brought in/pooled by the partners.
Goodwill of the partnership business can be regarded as __________.
Report Question
0%
the property of the firm
0%
the property of the firm, subject to a contract between the partners to this effect
0%
the property of the firm, irrespective of a contract between the partners to this effect
0%
the property of the firm, subject to order of the High Court to this effect
Explanation
Goodwill of the partnership business can be regarded as the property of the firm, subject to contract between the partners to this effect.
Goodwill is an intangible asset.
Unless otherwise agreed __________________.
Report Question
0%
a working partner is entitled to receive remuneration for taking part in the conduct of the business
0%
where a partner is entitled to interest on capital, such interest shall be payable as a charge against the profits
0%
a partner is entitled to claim interest on firm advances made by him to the firm @ 6% p.m
0%
a partner is not entitled to interest on loan @ 6% p.a. after the date of the dissolving of a firm
Explanation
If there exists on partnership deed or there is no specific rate given for charging interest on loan in the deed the interest on loan will be @ 6%. Also unless otherwise agreed a partner is not entitled to interest on loan @6% after the date of dissolving the firm.
Implied authority means the capacity of a partner to bind ________.
Report Question
0%
third party by his acts
0%
firm by his acts
0%
none of these
0%
both A and B
Explanation
Implied authority means the capacity of a partner to bind firm by his acts. Implied authority means there no written authority but deemed/implied authority that the firm and the other partners are bind by the acts of the partners.
Following are the essential elements of a partnership firm except ____________.
Report Question
0%
at least two persons
0%
there is an agreement between all partners
0%
equal share of profits and losses
0%
partnership agreement is for some business
Explanation
The essential elements of partnership firm are at least two persons, there is an agreement between all partners and partnership agreement is for some business. But its not necessary to that the partners have equal share of profits. They may have any profit sharing ratio as agreed or in the deed.
Features of a partnership firm are _________________.
Report Question
0%
two or more persons carrying common business under an agreement
0%
sharing profits and losses in the fixed ratio
0%
business carried by all or any of them acting for all
0%
All of the above
Explanation
Features of partnership firm are :-
1) Two or more persons carrying common business under an agreement.
2) Sharing profits and losses in the fixed ratio
3) Business carried by all or any of them acting for all.
Each of the partner is _________.
Report Question
0%
principal as well agents
0%
only agents of the firm
0%
only representative of the firm
0%
only co-partners of the firm
Explanation
Each of the partner is principal as well as an agent. This basically means one acting for all and all for one also known as mutual agency.
The decision of one partner has binding on the other.
If a fixed amount is withdrawn on the last day of every month of a calendar year, the interest on the total amount of drawings will be calculated for _________.
Report Question
0%
4.5 months
0%
5.5 months
0%
6 months
0%
6.5 months
Explanation
If a fixed amount is withdrawn on last day of every month of the calendar year, the interest on the total amount of drawings will be calculated for 5.5 months. Average period will be calculated as:-
= Months left after first drawing + months left after last drawing
------------------------------------------------------------------------------------------
2
= 11 + 0
-------------
2
= 5.5 months.
If a fixed amount is withdrawn on the middle day of every quarter of a calendar year, the interest on total amount of drawings will be calculated for ________.
Report Question
0%
4.5 months
0%
5.5 months
0%
6 months
0%
6.5 months
Explanation
If a fixed amount is withdrawn on middle day of every quarter of the calendar year, the interest on the total amount of drawings will be calculated for 6 months. Average period will be calculated as:-
= Months left after first drawing + months left after last drawing
------------------------------------------------------------------------------------------
2
= 10.5 + 1.5
------------
2
= 6 months
Explanation:-
Suppose if the first drawing is made on ( 1st quarter January to March) 15th February then 10.5 months will be left and in the last quarter October to December last drawing will be made on 15th November and 1.5 months will be left.
Which of the following appear in the Profit & Loss Appropriation Account?
Report Question
0%
Salary/Commission to a partner.
0%
Salary/Commission to a manager.
0%
Interest on capital of a partner.
0%
Interest on loan of a partner.
0%
A & C
Explanation
A AND C.
A Profit and loss Appropriation account is an account which is prepared after profit and loss account and is usually prepared by partnership firms for distribution/allocation of profit earned by the firm to partners. Only items relating to partners will be entered in
Profit and loss Appropriation like interest on capital, profit, interest on drawings, salary/commission to partners.
If a fixed amount is withdrawn on the first day of every month of a calendar year, the interest on the total amount of drawings will be calculated for ______.
Report Question
0%
4.5 months
0%
5.5 months
0%
6 months
0%
6.5 months
Explanation
If a fixed amount is withdrawn on first day of every month of the calendar year, the interest on the total amount of drawings will be calculated for 6.5 months. Average period will be calculated as:-
= Months left after first drawing + months left after last drawing
------------------------------------------------------------------------------------------
2
= 12 + 1
-----------
2
= 6.5 months
If a fixed amount is withdrawn on the middle day of every month of a calendar year, the interest on the total amount of drawings will be calculated for ________.
Report Question
0%
4.5 months
0%
5.5 months
0%
6 months
0%
6.5 months
Explanation
If a fixed amount is withdrawn on the middle day of every month of the calendar year, the interest on the total amount of drawings will be calculated for 6 months. Average period will be calculated as:-
= Months left after first drawing + months left after last drawing
------------------------------------------------------------------------------------------
2
= 11.5 + 0.5
------------------
2
= 6months
When the interest on capital is allowed to partners, interest on capital account is debited and partner's capital account is credited. It is called _____________.
Report Question
0%
an opening entry
0%
a closing entry
0%
an adjusting entry
0%
a transfer entry
Explanation
When the interest on capital is allowed to partners, interest on capital account is debited and partner's capital account is credited. It is called as an adjusting entry. Adjusting entries are usually done at the end of the year for incomes and expenses.
If a fixed amount is withdrawn on the first day of every quarter of a calendar year, the interest on total amount of drawings will be calculated for _______.
Report Question
0%
4.5 months
0%
5.5 months
0%
6 months
0%
7.5 months
Explanation
If a fixed amount is withdrawn on first day of every quarter of the calendar year, the interest on the total amount of drawings will be calculated for 6.5 months. Average period will be calculated as:-
= Months left after first drawing + months left after last drawing
------------------------------------------------------------------------------------------
2
= 12 + 3
------------
2
= 7.5 months
Explanation:-
Suppose if the first drawing is made on 1st January then 12 months will be left and in the last quarter October to December last drawing will be made on 1st October and 3 months will be left.
Which of the following does not appear in the Profit & Loss Appropriation Account?
Report Question
0%
Salary/Commission to a partner.
0%
Salary/Commission to a manager.
0%
Interest on capital of a partner.
0%
Interest on loan of a partner.
0%
(a) & (c).
Explanation
A Profit and loss Appropriation account is an account which is prepared after profit and loss account and is usually prepared by partnership firms for distribution/allocation of profit earned by the firm to partners. Salary/commission to manager is an item of Profit and loss account. Only items relating to partners will be entered in
Profit and loss Appropriation like interest on capital, profit, interest on drawings, salary/commission to partners.
Which of the following is the difference between a partnership deed and partnership agreement?
Report Question
0%
Partnership deed is in writing and partnership agreement is oral.
0%
Partnership deed is signed by all the partners but partnership agreement is signed by majority of the partners.
0%
Partnership deed is registered in the court of law whereas partnership agreement is not registered.
0%
Partnership deed is not subject to changes unless all partners to it. Partnership agreement can be amended with the consent of more than 50% partners.
Explanation
Partnership agreement is not registered in the court of law, its an agreement between the partners whereas a partnership deed is a written agreement between the partners and is registered in the court of law.
0:0:1
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
0
Answered
0
Not Answered
0
Not Visited
Correct : 0
Incorrect : 0
Report Question
×
What's an issue?
Question is wrong
Answer is wrong
Other Reason
Want to elaborate a bit more? (optional)
Practice Class 12 Commerce Accountancy Quiz Questions and Answers
<
>
Support mcqexams.com by disabling your adblocker.
×
Please disable the adBlock and continue.
Thank you.
Reload page
