Question : Loss incurred by a partnership firm at the end of accounting year is distributed among
Option 1: all partners equally
Option 2: all partners in capital ratio
Option 3: working partners only
Option 4: None of the above
Correct Answer: all partners equally
Solution : Either profit or loss incurred by a partnership firm at the end of an accounting year is distributed equally among all the partners, in the absence of a partnership deed. Hence, the correct option is 1.
Question : Interest on capital to partners is credited to:
Question : Current Account of the partners should be opened when capital are:
Question : Who among the following cannot be a partners firm?
Question : When is the partnership Act enforced?
Question : Which of the following accounts are opened when partners have fixed capital?
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