CA. (Dr.) G. S. GREWAL
Objective Type Question / MCQs
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Question Series 4
Fill in the Blanks: -
1. Partners may or may not have written ________.
True / False
2. Partnership is the relation between persons who have agreed to share profits of a business carried on by all or any of them acting for all.
Multiple Choice Question
3. In case partners have guaranteed profit to a partner and deficiency of profit. The deficiency happens it is borne by
(a) All the partners in new profit sharing ratio
(b) Remaining partners in the ratio in which they have given guarantee
(c) All the partners in sacrificing ratio.
(d) All the partners in old profit sharing ratio.
1. Partners may or may not have written ________.
True / False
2. Partnership is the relation between persons who have agreed to share profits of a business carried on by all or any of them acting for all.
Multiple Choice Question
3. In case partners have guaranteed profit to a partner and deficiency of profit. The deficiency happens it is borne by
(a) All the partners in new profit sharing ratio
(b) Remaining partners in the ratio in which they have given guarantee
(c) All the partners in sacrificing ratio.
(d) All the partners in old profit sharing ratio.
Answer – Question Series 4
Fill in the Blank
1. Partnership Deed
True / False
2. * True *
Reason It is one of the essential characteristic of Partnership that it is a relation between persons who have agreed to share profits of business carried on by all or any of them acting for all.
Multiple Choice Question
3. * b *
Reason The Partners have an agreement with the other partner to give him a minimum profit. The deficiency thus, will be borne by the guaranteeing partner in the ratio in which they have guaranteed the minimum profit. If the ratio of guarantee is not given, they will share the deficiency in their profit – sharing ratio.
1. Partnership Deed
True / False
2. * True *
Reason It is one of the essential characteristic of Partnership that it is a relation between persons who have agreed to share profits of business carried on by all or any of them acting for all.
Multiple Choice Question
3. * b *
Reason The Partners have an agreement with the other partner to give him a minimum profit. The deficiency thus, will be borne by the guaranteeing partner in the ratio in which they have guaranteed the minimum profit. If the ratio of guarantee is not given, they will share the deficiency in their profit – sharing ratio.
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