Question : A and B are partner in a partnership firm without any agreement. A devotes more time for the firm as compare to B. A will get the following commission in addition to profit in the firm's profit:

Option 1: 6% of profit 

Option 2: 4% of profit 

Option 3: 5% of profit 

Option 4: None of the above 

Question : A and B are partners in a firm without a deed. 'A' devotes more time for the firm as compared to 'B'. In addition to share in profit. A will get:

Option 1: A Commission @ 5% of profit

Option 2: Salary of Rs.20,000 per month

Option 3: Either (1) or (2)

Option 4: None of the above

Question : On dissolution of a firm; out of the proceeds received from the sale of assets ________will be paid first of all.

Option 1: partner's capital

Option 2: partner's loan to firm

Option 3: outsider's liabilities

Option 4: partner's additional capital

Question : On dissolution of a firm; out of the proceeds received from the sale of assets ________will be paid first of all.

Option 1: partner's capital

Option 2: partner's loan to firm

Option 3: outsider's liabilities

Option 4: partner's additional capital

Question : Debt which the firm owes to outsiders are called

Option 1: Partner's debt

Option 2: Firm's debt

Option 3: Third party debt

Option 4: None of the above

Question : At the time of dissolution of partnership firm first of all ______ shall be paid.

Option 1: Firm's debt

Option 2: Partner's loan

Option 3: Capital of partners

Option 4: None of these