1. Partners Current account will be required to be prepared under.

a. None of the above methods

b. Floating capital method

c. Fixed capital method

d. Both methods

.

2. Partners Capital account will always show a ..balance

a. both

b. none

c. debit

d. credit

. 3. Partners Current account will show . balance.

a. sometimes debit sometimes credit

b. none

c. credit

d. debit

. 4. If the partnership deed is silent about profit sharing, then the profit will be shared

a. as per profitability

b. on the basis of capital contribution

c. equally

d. only after amendment in the partnership deed

.

5. When the two companies combine to give birth to a new company and the older companies become non-existent, such combinations are called;

a. none

b. consolidation

c. acquisition

d. merger