The maximum limit for the number of partner is decided by.

The Profit and Loss Appropriation Account is merely an extension of the Profit and Loss Account of the firm, which, among the following, is not shown in the Profit and Loss Appropriation Account?

Match List I with List II

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Select the essential features of partnership from the following:

(A) Partnership is the result of an agreement between partners.

(B) Co-ownership of a property between people amounts to partnership.

(C) Sharing of profits and losses of a business.

(D) Each partner carrying on the business is the principal as well as the agent for all the other partners.

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Abhishek and Manan are partners in a firm. Abhishek withdrew regularly Rs. 8,000 every month for six months ending 31st March, 2026. If interest on drawings is charged @ 16% p.a. What amount will be charged as interest on drawings from Abhishek?

In a partnership firm, without written agreement, A invested three times more than the amount invested by B. In the absence of written agreement among partners, in what ratio will the profits be shared?

There is a need for valuation of goodwill under which of the following cases

(A) Admission of new partner

(B) Retirement of a partner

(C) Dissolution of a firm involving sale of business as a going concern.

(D) Amalgamation of partnership firms.

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