Which of the following is a 'Liability of a Partner' in a general partnership? MCQ with Answer and Explanation

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Which of the following is a 'Liability of a Partner' in a general partnership?

A. Only for his own acts

B. Limited to firm's assets

C. Limited to his capital

D. Unlimited

Answer: Option D

Solution (By JKSSB Mock Tests)

In a general partnership, all partners have unlimited joint and several liability.

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

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Question #1

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A capital expenditure of ₹5,000 erroneously recorded as revenue expenditure will result in:

A. Overstatement of profit

B. Overstatement of assets

C. No effect on profit

D. Understatement of profit

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Correct Answer: Option D

Explanation:
Capital expenditure should be capitalized; if charged as revenue, expenses increase, profit is understated.

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

Question #2

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The column 'J.F.' in a ledger account stands for:

A. Joint Finance

B. Journal Format

C. Journal Folio

D. Journal Factor

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Correct Answer: Option C

Explanation:
Journal Folio (J.F.) indicates the page number of the journal from where the specific entry was posted.

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Question #3

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In the context of GST, IGST is levied on:

A. Import of services only

B. Export of goods

C. Intra-state supply

D. Inter-state supply

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Correct Answer: Option D

Explanation:
Integrated GST (IGST) is levied on inter-state supply of goods and services, including imports, under the GST regime in India.

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