When there is no partnership agreement betweenpartners, the division of profits take place in ____ratio.

To find out Net Profit or Net Loss of thebusiness_________ account is prepared. 

A_________is an Intangible Asset.

In the absence of an agreement, interest on loan advanced by the partner to the firm is allowed at the rate of ___.

Liability of partners in a partnership business is _____.

The Indian Partnership Act is in force since______.

Maximum number of partners in a firm are _______according to Companies Act, 2013.

A debit balance of Partner’s Current account will appear on the _______ side of the balance sheet.

A partner who provides only capital to the firm iscalled as ______

 partner.

Under Fixed Capital Method, Capital Account and_______ Account is opened for each partner.

The interest on capital of a partner is credited to ______ Account

Under fixed capital method, salary or commissionto partner is credited to________ Account.

A Partner below 18 years age is called as ________partner.

A partner who lends only his name to the firm is called as _________ partner.

The interest on drawings is transferred to__________ side of partner’s current account.

The liability of partner in a firm is _________.

Partnership is an association of _________ or more persons.                 

The drawings of the partners are transferred to _________ account.

If dates of drawings are not given, interest on drawings is charged _________ months.

Maximum __________ people are required to form a partnership having trading business.

Maximum __________ people are required to form a partnership having banking business. 

Persons who form and manage the partnership are collectively called as ________.

Minimum _________ persons are required to form a partnership.

A partner who takes active part in the management of business is known as _______ partner.

The balance of capital account remains constant under_______ capital method.

A statement showing financial position of the business is called as _________.

Balance sheet is an account as well as a statement.

Direct expenses are debited to Profit and Loss Account.

Partner’s loan is treated as an internal liability.

Depreciation on fixed assets is shown to Trading Account debit side.

Interest on partner’s drawings is charged for 6 months.

Partner’s always share net profit equally.

Interest on partner’s capital is credited to Profit and Loss Account.

Closing stock is always valued at cost price

Credit balance of Profit and Loss Account shows net loss.

Income earned but not received is a liability.

The drawings of partners are transferred to __________ Accounts.

Gross profit is transferred to _____________ Accounts

Income received in advance is shown on ___________ Side of Balance Sheet.

Prepaid expenses are shown on the ____________ Side of Balance Sheet.