Question

Fill in the blanks with appropriate words:
(i) Current Accounts of the Partners should be opened when the capitals are_____
(ii) In the absence of an agreement, interest on partner's loan shall be paid @______
(iii) In the absence of an agreement, partners shall _____ salaries.
(iv) When there is no agreement among the partners, the profit or loss of the firm will be shared _____ by the partners.
(v) ______ is an extension of Profit and Loss Account.
(vi) Minimum number of persons required to start partnership business is _______
(vii) Number of partners which should not exceed for partnership business is____
(viii) Salary of Commission to a partner is an ______ out of profit.

Answer 1

Answer:

(i) fixed

(ii) 6%p.a.

(iii) not be paid

(iv) equally

(v) Profit and Loss Appropriation Accountant

(vi) two

(vii) fifty

(viii) appropriation.