Question : Features of a partnership firm are:

Option 1: Two or more persons are carrying common business under an agreement.

Option 2: They are sharing profit and losses in the fixed ratio.

Option 3: Business is carried by all and any of them acting for all as an agent.

Option 4: All of the above.

Question : Features of a partnership firm are:

Option 1: Two or more persons are carrying common business under an agreement.

Option 2: They are sharing profit and losses in the fixed ratio.

Option 3: Business is carried by all and any of them acting for all as an agent.

Option 4: All of the above.

Question : The relationship between persons who have agreed to share the profits of a Business carried on by all or any of them acting for all is known as

Option 1: Partnership

Option 2: Joint venture

Option 3: Association of persons

Option 4: Body of individual

Question : The relationship between persons who have agreed to share the profits of a Business carried on by all or any of them acting for all is known as

Option 1: Partnership

Option 2: Joint venture

Option 3: Association of persons

Option 4: Body of individual

Question : On dissolution of a partnership firm, profit or loss on realisation is distributed among the partners ________.

Option 1: In capital ratio

Option 2: In Profit sharing ratio

Option 3: Equally

Option 4: None of the above