Partnership Accounts — Practice Quiz
Telangana Open School (TOSS) · Class 12 · Accountancy
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Quick Quiz: Partnership Accounts
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What is the minimum number of persons required to form a partnership?
Which of the following is NOT a characteristic of partnership?
In the absence of a partnership deed, how are profits shared among partners?
Interest on partner's loan is allowed at what rate in the absence of a partnership deed?
Sample Questions
Is interest on capital allowed in the absence of a partnership deed?
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False
No interest on capital is allowed if there is no partnership deed. This is as per the Indian Partnership Act, 1932.
Which of the following is a feature of partnership?
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Agreement, Sharing of profits, Unlimited liability
Partnership is based on agreement, profit sharing, and partners have unlimited liability. It does not have a separate legal entity like a company.
What is the maximum number of partners allowed in a partnership firm?
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50
As per Section 464 of the Indian Companies Act, 2013, the maximum number of partners in a partnership firm is 50.
Can a partner transfer his share without consent of others?
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False
No partner can transfer their share without the consent of all other partners. This ensures control remains with existing partners.
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