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Partnership 4 PG
Partnership 4 PG
EACH QUESTIONS HAS FOUR POSSIBLE ANSWERS CHOOSE THE CORRECT ANSWER: (T) (d) Profit & Loss
Means TRUE Answer (11)
(1) An ordinary partnership business can have: Partnership business in Pakistan is government by partnership Act of:
(a) Not more than 50 partners.
(b) Not more than 20 partners. (T) (a) 1913
(c) Any number of partners. (b) 1932 (T)
(d) Any number than 2 partners. (c) 1984
(d) 1928
(2)A banking partnership business can have: (12)
(a) Not more than 10 partners. (T) The members of partnership firm are individually called as:
(b) Not more than 20 partners.
(c) Not more than 50 partners. (a) Director
(d) Any number of partners. (b) Investor
(c) Partner (T)
(3)In the absence of an agreement profit and loss are divided by partners in the ratio of: (d) Manager
(a) Capital (13)
(b) Equally (T) The object of partnership is to:
(c) Time devoted by each partners.
(d) None of these. (a) Earn profit (T)
(b) Not to earn profit
(4)In the absence of an agreement, Interest on loan advanced by the partner to the firm is allowed at the rate of: (c) Welfare of members
(a) 6% (T) (d) None of these
(b) 5% (14)
(c) 12% Liability of partners in a partnership business is:
(d) 9%
(a) Limited
(5) Current accounts of the partners should be opened when the capitals are: (b) Un-limited (T)
(a) Fluctuating (c) Limited & unlimited
(b) Fixed (T) (d) None of these
(c) Either fixed or fluctuating (15)
(d) None of these Capital of the partners are maintained by:
(a) Debited
(b) Credited (T)