Class XII

From the following, identify a situation when fixed capitals of the partners may change?
  1. When there is loss in the business
  2. When additional capital is introduced
  3. When current accounts are opened
  4. When drawings are made by the partners
It is better to have the agreement in writing to avoid any ___
  1. Case
  2. Loss
  3. Dispute
  4. Audit
If partners are running a business without a partnership deed how much interest on their capitals will be given?
  1. 6% p.a. on capital
  2. 6% p.a. on capital
  3. 10 % p.a. on capital
  4. No interest on capital
What is the status of partnership from an accounting viewpoint
  1. Both a separate business entity and Not separate from the owners
  2. None of these
  3. a separate business entity.
  4. Not separate from the owners.
Below are listed Content of partnership Deed except:
  1. Ratio in which profit or losses shall be share
  2. Name of the firm.
  3. Interest on Debentures
  4. Interest on Partners capital and drawings
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