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:
C)limited to the business capital
2. Is partnership type of business considered as a separate legal entity?
3. Where there is no partnership agreement exists between partners, what will be the profit sharing ratio between the partners?
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:
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
7.Can a partner transfer his/her share of business to a third party without other partners consent?
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