The maximum number of partners allowed in a partnership firm (as per Companies Act, 2013) is: MCQ with Answer and Explanation

The maximum number of partners allowed in a partnership firm (as per Companies Act, 2013) is:
A. 10
B. 20
C. 100
D. 50
Answer: Option D
Solution (By JKSSB Mock Tests)
As per Section 464 of Companies Act 2013, maximum number of partners can be 50, unless otherwise prescribed. The earlier limit of 20 for non-banking and 10 for banking has been raised to 50 for all firms.

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Practice More Accountancy and Book Keeping Questions

Question #1
The 'Operating Profit' is calculated as:
A. Gross profit - Operating expenses
B. EBITDA - Depreciation
C. Net profit + Interest
D. Sales - Cost of goods sold

Correct Answer: Option A


Explanation:
Operating profit = Gross profit - Operating expenses (administrative, selling).

Question #2
Which of the following deductions is not allowed under the new income tax regime (default)?
A. Section 80C (PPF, LIC, etc.)
B. Section 24(b) interest on housing loan (let-out property)
C. Standard deduction on salary
D. Section 80CCD(2) (employer contribution to NPS)

Correct Answer: Option A


Explanation:
Under the new regime, Section 80C deductions are not allowed.

Question #3
A 'Journal Voucher' is prepared for:
A. Cash received from debtors
B. Credit sales
C. Payment of wages
D. Cash purchases

Correct Answer: Option B


Explanation:
Credit sales do not involve immediate cash; hence recorded by a journal voucher (non-cash transfer voucher).