Multiple Choice
Which of these is not a provision of the Partnership Act?
A) Partners are entitled to share equally in the partnership profits
B) A partner is not entitled to interest on the capital subscribed by him/her
C) No person may be introduced as a partner without the consent of all existing partners
D) Each partner is allowed to withdraw a maximum of10% of their capital per annum
Correct Answer:
Verified
Correct Answer:
Verified
Q19: Douglas and Johnson each invested $50 000
Q20: In closing the books of a partnership
Q21: If no profit and loss sharing agreement
Q22: In a partnership,the profit and loss sharing
Q24: Fatima and Jaddon have capital balances of
Q25: When assets are contributed to a partnership
Q26: The partnership agreement of X and
Q27: Connie and Carole have a profit and
Q27: Mutual agency means:<br>A)Unlimited liability for partnership debts<br>B)Sharing
Q39: Hodges and Burton formed a partnership with