Select the most appropriate alternative from the given below and rewrite the statement.

1) When there is no partnership agreement between partners, the division of Profits takes place in ________ ratio.
a) Equal       
b) Capital ratio       
c) Initial contribution     
d) Experience and tenure of partner
Ans: a) Equal

 2) To find out Net Profit or Net Loss of the business __________ account is prepared.     
a) Trading     
b) Capital     
c) Current       
d)Profit & Loss
Ans: d) Profit & Loss

 3) A ____________ is an Intangible Asset.
a) Goodwill     
b) Stock     
c) Cash       
d) Furniture
Ans: a) Goodwill

 4) In the absence of an agreement, interest on loan advanced by the partner to the firm is allowed at the rate of _____________.
a) 5%     
b) 6%     
c) 10%     
d) 9%
Ans : b) 6%

 5) Liability of partners in a partnership business is ________.
a) Limited       
b) Unlimited     
c) Limited and Unlimited     
d) None of the above
Ans: b) Unlimited

6) The Indian Partnership Act is in force since _______.
a) 1932     
b) 1881     
c) 1956     
d) 1984
Ans: a) 1932

7) Maximum number of Partners in a firm are ____ according to Companies Act 2013
a) 10     
b) 25     
c) 20     
d) 50
Ans: d) 50