Partnership

Accounting

Easy

common

The Liability of the partners in a firm is__________

Limited

Limited by registrar of the firm

Unlimited and private assets can also be used for paying off the firm's debts

Unlimited and private assets can not be used for paying off the firm's debts

✅ Correct Option: 3

A partnership firm has no separate legal existence from its partners. Their liability is unlimited, joint and several, so if firm assets fall short, creditors can recover the balance from the partners' private estates.

2025: 26 May Shift 2

Which of the following is not always an essential feature of partnership?

2025: 26 May Shift 2

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?

2025: 24 May Shift 1

Which of the following is NOT a feature of partnership?

2026: 24 May Shift 1

If the partnership deed is silent regarding Interest on the partner's loan, the following provision of the Indian Partnership Act 1932 will be applicable:

2025: 4 June Shift 2

Amitabh and Babul are partners sharing profits in the ratio of 3:2, with capitals of Rs. 50,000 and Rs. 30,000 respectively. Interest on capital is agreed @ 6% p.a. Amitabh has also given a Loan on April 01, 2024 of Rs. 50,000 to the firm without any agreement.

Calculate Interest on Amitabh's Loan assuming books are closing on 31st March, 2025.

2025: 31 May Shift 1

Which statement is not true about Capital Accounts of Partner-

The Liability of the partners in a firm is__________

Solution

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