Partnership

Accounting

Medium

common

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.

Choose the correct answer from the options given below:

(A), (B) and (C) only

(A), (B) and (D) only

(A), (B), (C) and (D)

(A), (C) and (D) only

✅ Correct Option: 4

Partnership arises from an agreement (A), requires sharing of profits and losses of a business (C), and rests on mutual agency where each partner acts as both principal and agent (D).

Statement (B) is false. Section 6 makes clear that mere co-ownership of property does not create a partnership, since there is no business carried on and no mutual agency. Hence (A), (C) and (D) only.

2025: 15 May Shift 1

What is the amount of A's deficiency of annual fee?

2026: 13 May Shift 1

Marry and Kayli were two partners sharing profits and losses in the ratio 5 : 7. Kayli was in need of funds, so she took a loan of Rs. 4,00,000 from the firm at an agreed rate of interest being 8% p.a. If Interest is charged on loan from the partner, it will be:

2026: 24 May Shift 1

When the partners withdraw different amounts of money at different time intervals, the interest is calculated using the following formula:

2025: 30 May Shift 1

By virtue of which Section of the Companies Act 2013, the Central Government is empowered to prescribe the maximum number of partners in a firm, but the number of partners can not be more than 100?

2022: 15 July Shift 2

Lockers Rent Received during the year by a club is Rs. 17,050. Locker rent Rs. 3,050 outstanding for the previous year and Rs. 1500 outstanding for the current year.

The amount to be shown in Income and Expenditure is :

2026: 29 May Shift 1

The partnership deed of a partnership firm includes:

(A) Salaries and Commission payable to partners

(B) Rules regarding the operation of bank accounts

(D) The Accounting period of the firm

Choose the correct answer from the options given below:

Solution

Related questions:

Keyboard Shortcuts

CUET Accountancy Past Year Questions (Topic-Wise)