1. In absence of any agreement partners share profits of the business in the ratio of their capital contribution.
A) True
B) False ✓
CA Foundation Paper 1
Partnership and LLP Accounts MCQ
Chapter 10 • 101 Questions from ICAI Study Material
Questions
101
Est. Time
76 min
Source
ICAI Book
Question 1 of 101 0 correct | 0 wrong
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Sample Questions: Partnership and LLP Accounts
Preview 8 of 101 MCQs from Chapter 10
2. Profit sharing ratio and capital contribution ratio need not be same.
A) True ✓
B) False
3. Every partnership firm must register itself with Registrar of firms.
A) True
B) False ✓
4. A partner can advance loan to the partnership firm in addition to capital contributed by him.
A) True ✓
B) False
5. A partner can demand interest on capital even if it is not provided in the partnership deed.
A) True
B) False ✓
6. If a partner does not take part in day to day business activities of the firm then he is not entitled to any share of profit.
A) True
B) False ✓
7. Interest should be paid @ 6% p.a. on partners' loan even if it is not provided in the partnership deed.
A) True ✓
B) False
8. Husband and wife cannot be partners in the same firm.
A) True
B) False ✓