Class XII

What is the status of partnership from an accounting viewpoint
  1. Both a separate business entity and Not separate from the owners
  2. None of these
  3. a separate business entity.
  4. Not separate from the owners.
Which of the following is not a content of partnership deed?
  1. Interest on Drawings
  2. Interest on Capital
  3. Interest on Partner’s Loan
  4. Interest on Bank Loan
From the following, what is important for a partnership?
  1. Registration
  2. Sharing of Profits
  3. More than 10 Persons
  4. Capital more than 15 Crore
The members of the partnership firm are called
  1. Managers
  2. Partners
  3. Proprietors
  4. Directors
Partners collectively are called :
  1. Firm’s name
  2. Company
  3. Business
  4. Firm
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