Question

State whether true or false
1) The balance of capital account of a partner is often credit.
2) The balance of drawings Account of a partner is often debit.
3) The business of partnership firm may also be run by one partner .
4) In the absence of partnership deed, the profit is distributed among partners in their capital ratio.
5) The liability of a partner is limited.
6) Partners are mutual agents.
7) Interest on partners capital is a profit to the firm.
8) The mutual relation between partners is governed by an agreement.​

Answer 1

Answer:

1. True

2. False

3. True

4. True

5. False

6. True

7. True

8. False

Answer 2

Answer:

1 True

2 False

3 True

4 True

5 False

6 True

7 True

8 False

Explanation:

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