Do you agree/disagree with the following statement: Chapter 1 - Introduction to Partnership and Partnership Final Accounts

Balbharati solutions for Book-keeping and Accountancy 12th Standard Hsc Maharashtra State Board. 

Chapter 1 - Introduction to Partnership and Partnership Final Accounts [Latest edition]

Do you agree/disagree with the following statement:

 

When Partnership Deed is silent, Partners share profits of the firm according to capital ratio.

Agree

Disagree

 

 

Current account always shows a debit balance.

Agree

Disagree

 

It is compulsory to have a partnership agreement in writing.

Agree

Disagree

 

Partnership Firm is a trading concern.

Agree

Disagree

 

An interest on capital is an expenditure for the partnership firm.

Agree

Disagree

 

Partnership is an association of two or more persons.

Agree

Disagree

 

Partners are entitled to get Salary or Commission.

Agree

Disagree

 

The balance of Capital Account remains constant under Fixed Capital Method.

Agree

Disagree

 

The Indian Partnership Act, came into existence in the year 1945.

Agree

Disagree

 

Profit and Loss Account reflects the true Financial position.

Agree

Disagree

 

Amount borrowed by partner from his business will be debited to Current Account.

Agree

Disagree

 

Sold but undispatched goods must be part of the valuation of closing stock.

Agree

Disagree

 

Carriage Inward is a selling and distribution overhead.

Agree

Disagree

 

Gross profit is an operation profit.

Agree

Disagree

 

All financial expenditures are debited to profit and loss account.

Agree

Disagree

 

Free distribution of goods is debited to the trading account.

Agree

Disagree

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