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Accounting for partnership:basic concepts

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Class 10 Class 12
What is the maximum number of members in a non-banking partnership?
  • 20
  • 10
  • 50
  • 70

B.

10

Which of the following does not come under the category of a complete partner?
  • Nominal partner by holding out
  • Sleeping Partner
  • Active Partner
  • Secret Partner

A.

Nominal partner by holding out

What is the liability of minor partner?
  • No liability
  • Unlimited Liability
  • Limited LIability
  • None of the above

C.

Limited LIability

Name the partner, who neither contributes any capital nor takes active interest in the routine working of the firm, but only give his/her name for the goodwill of a partnership firm.
  • Nominal Partner
  • Sleeping Partner
  • Partner by Estoppel
  • Minimal Partner

A.

Nominal Partner

Who issues certificate of registeration to a firm?
  • Central Government
  • State Government
  • Registrar of Firms
  • Municipal Corporation

C.

Registrar of Firms