Write the word/phrase/term, which can substitute the following sentence.
1) Persons who form the partnership firm.
2) Amount of cash or goods withdrawn by partners from the business from time to time.
3) An association of two or more persons according to the Indian partnership Act 1932.
Ans. Partnership Firm
4) Act under which partnership firms are regulated.
Ans. Indian Partnership Act
5) Process of entering the name of a partnership firm in the register of Registrar.
6) Partnership agreement in written form.
Ans. Partnership Deed
7) Under this method capital, balances of partners remain constant.
Ans. Fixed Capital Method
8) Proportion in which partners share profit.
Ans. Profit Sharing Ratio
9) Such capital method in which only Capital Account is maintained for each partner.
Ans. Fluctuating Capital Method
10) The account to which all adjustments are made when capital is fixed.
Ans. Current Account
11) Expenses which are paid before they are due.
Ans. Prepaid Expenses
12) The accounts that are prepared at the end of each accounting year.
Ans. Final Accounts
13) An asset which can be converted into cash easily.
Ans. Current Assets or Liquid Assets
14) Order in which fixed assets are recorded first in the Balance Sheet.
Ans. Order of liquidation
15) The account in which selling expenses of the business are recorded.
Ans. Profit and Loss account
16) Debit balance of Trading Account.
Ans. Gross Loss
17) Credit balance of Profit and Loss Account.
Ans. Net Profit