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AP
Question Practice

Which of the following accurately describes a partner's liability in a partnership?

Attempt the question, check the explanation, and continue with similar questions to build confidence before exams.

MCQ_SA
CBSE
Class 12
Accountancy
Accountancy Part - I
Accounting for Partnership: Ba...
Question Bank

Which of the following accurat...

Single Answer MCQ
Q-00081979

Which of the following accurately describes a partner's liability in a partnership?

1

Limited liability

2

No liability

3

Joint and several liabilities

4

Equal liability for debts

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What is a partnership and what are its chief characteristics?

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Explain the main provisions of the Indian Partnership Act 1932 that are relevant to partnership accounts in the absence of a partnership deed.

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Q3.

What is the primary purpose of a partnership deed?

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Q4.

If a partnership deed is silent on the profit-sharing ratio, how should profits be shared?

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