Is it compulsory for all partners to contribute equal amount of capital in the business
1. In the general form of partnership, liabilities of partners are:
A)limited
B)unlimited
C)limited to the business capital
2. Is partnership type of business considered as a separate legal entity?
A)No
B) Yes
3. Where there is no partnership agreement exists between partners, what will be the profit sharing ratio between the partners?
A)Equal
B)Unequal
C)It will depend on a partner- capital
D)It will depend on the experience of a partner
4. The written agreement of partnership is most commonly referred to as:
A)Agreement
B)Partnership deed
C)Partnership contract
D)Partnership Act
5. Interest on drawings is:
A)Debited to partner- current a/c
B)Credited to partner- current a/c
C) Not shown in current account
6.Is it compulsory for all partners to contribute equal amount of capital in the business? A) No
B) Yes
7.Can a partner transfer his/her share of business to a third party without other partners consent?
A)No
B)Yes
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