1)There was an unrecorded asset of OMR 2,000 which was taken over by a partner at OMR 1,500. Partners capital account will be debited by

a.

OMR 2,00

b.

OMR 500

c.

OMR 1,500

d.

OMR 3,500

2) Statement I: LLP is usually preferred by business people who carry commercial activities in day-to-day life. Statement II: Liability of partners is unlimited in case of general partnership whereas it is limited in case of limited liability partnership.

a.

Both statements are true

b.

Statement II only true

c.

Statement I is true

d.

None of these statements are true