Do you agree or disagree with the following statement.

1) When Partnership Deed is silent, Partners share profits of the firm according to capital ratio.
Ans) Disagree
  
2) Current account always shows a debit balance.
Ans) Disagree
 
3) It is compulsory to have a partnership agreement in writing.
Ans) Disagree
 
4) Partnership Firm is a trading concern.
Ans) Agree
 
5) An interest on capital is an expenditure for the partnership firm.
Ans) Agree
 
6) Partnership is an association of two or more persons.
Ans) Agree
 
7) Partners are entitled to get Salary or Commission.
Ans) Disagree
 
8) The balance of Capital Account remains constant under the Fixed Capital Method.
Ans) Agree
 
9) The Indian Partnership Act, came into existence in the year 1945.
Ans) Disagree
 
10) Profit and Loss Account reflects the true Financial position.
Ans) Disagree
 
11) Amount borrowed by partner from his business will be debited to Current Account.
Ans) Agree
 
12) Sold but undispatched goods must be part of the valuation of closing stock.
Ans) Disagree
 
13) Carriage Inward is a selling and distribution overhead.
Ans) Disagree
 
14) Gross profit is an operation profit.
Ans) Disagree
 
15) All financial expenditures are debited to profit and loss account.
Ans) Agree
 
16) Free distribution of goods is debited to the trading account.
Ans) Disagree