Partnerships

If a partner is liable only to the amount of capital he invested he is a
....................... partner.
1. liability
2. limited
3. corporate
4. dead
The partners want an oflicial agreement about their share in the partnership, so
they are going to draw up a/an ....................... of partnership.
1. deed
2. transaction
3. title
4. instrument
If there isn't an official written agreement, but a partner signs a balance sheet
which shows that profits have not been shared equally, agreement would be ..........................
1. implied
2. stated
3. drawn
4. believed
Partners can choose to produce fixed capital accounts or .......................
capital accounts.
1. changeable
2. moving
3. variable
4. fluctuating
A partner who does not take an active part in the business is called a
....................... partner.
1. silent
2. dead
3. sleeping
4. inactive
When partners can't or don't want to continue in partnership there is a
....................... of the partnership.
1. divorce
2. decomposition
3. amalgamation
4. dissolution
When this happens a ....................... Account is opened to record the
transactions.
1. Sales
2. Realization
3. Distribution
4. Liability
When the partnership comes to an end, the debts or liabilities are ..................... .
1. discharged
2. disposed
3. distributed
4. dissolved
One partner, who owes the partnership money, will have to cancel his
....................... to the partnership firm.
1. deal
2. claim
3. indebtedness
4. articles