A partnership deed is: MCQ with Answer and Explanation

Question

Share Report Error

A partnership deed is:

A. Required only for banking partnership

B. Necessary only if more than 2 partners

C. Mandatory by law

D. Desirable but not mandatory

Answer: Option D

Solution (By JKSSB Mock Tests)

Partnership deed is not compulsory but advisable to avoid disputes. Partnership can exist based on oral agreement.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

Share Report

Which of the following serves as the source document for a Sales Return journal?

A. Credit Note

B. Debit Note

C. Purchase Invoice

D. Cash Memo

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
A Credit Note is sent to a customer when goods are returned, indicating that their account has been credited (reduced).

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2

Share Report

S1: Revaluation Account is prepared at the time of admission of a partner. S2: Revaluation Account is prepared at the time of retirement of a partner. Which statement(s) is/are correct?

A. Both S1 and S2

B. Neither S1 nor S2

C. S1 only

D. S2 only

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
A Revaluation Account is prepared whenever there is a change in the constitution of the firm, including admission, retirement, or death of a partner, to adjust the values of assets and liabilities. Both statements are correct.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping