EXERCISE
Q.1. Objective type questions:-
(A) Answer in one sentence only.
1) What is partnership?
2) Which act is applicable to partnership business?
3) What is partnership deed ?
How many persons are required to form partnership business
5) Who is called nominal partner?
Why is partnership deed prepared ?
What do you mean by Fixed Capital Method ?
What is Fluctuating Capital Method ?
When is partner's current account opened ?
10) Who is called minor partner?
11) What are the methods of maintaining partners capital accou
12) What is the relation between the partners ?
13) What is the liability of partners?
Answers
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1
Answer:
1.it is a firm which is formed by two or more members each of whom is liable for the firm debt
2.Partnership act 1932
3.it is a document or a written argument
4.
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