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

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

Select the most appropriate alternative from the following & rewrite the sentence:

When there is no partnership agreement between partners, the division of Profits takes place in ________ ratio.

1. Equal

2. capital ratio

3. initial contribution

4. experience and tenure of partner

 

To find out Net Profit or Net Loss of the business __________ account is prepared. 

1. Trading

2. Capital

3. Current

4. Profit & Loss

 

A ____________ is an Intangible Asset.

1. Goodwill

2. Stock

3. Cash

4. Furniture

 

In the absence of an agreement, interest on loan advanced by the partner to the firm is allowed at the rate of

_____________.

1. 5%

2. 6%

3. 10% 

4. 9%

 

Liability of partners in a partnership business is ________.

1. Limited

2. Unlimited

3. Limited and Unlimited

4. None of the above

 

The Indian Partnership Act is in force since _______.

1. 1932

2. 1881 

3. 1956 

4. 1984

Maximum number of Partners in a firm are ____ according to Companies Act 2013 

1. 10

2. 25

3. 20

4. 50