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11. Which one of the following is NOT an essential feature of a partnership?
(A) There must be an agreement
(B) There must be a business
(C) The business must be carried on for profits CD
(D) The business must be carried on by all the partners

12. X, Y and Z are partners sharing profits and losses equally. Their capital
balances on March, 31, 2012 are ₹80,000, ₹60,000 and ₹40,000
respectively. Their personal assets are worth as follows : X — ₹20,000, Y —
₹15,000 and Z — ₹10,000. The extent of their liability in the firm would be :
(C.S. Foundation; June 2013)
(A) X — ₹80,000 : Y — ₹60,000 : and Z — ₹40,000 AH
(B) X — ₹20,000 : Y — ₹15,000 : and Z — ₹10,000
(C) X — ₹1,00,000 : Y — ₹75,000 : and Z — ₹50,000
(D) Equal

13. Every partner is bound to attend diligently to his in the conduct of
the business.
(A) Rights
(B) Meetings
(C) Capital AE
(D) Duties

14. Forming a Partnership Deed is :
(A) Mandatory
(B) Mandatory in Writing UE
(C) Not Mandatory
(D) None of the Above

15. Partnership Deed is also called
(A) Prospectus
(B) Articles of Association
(C) Principles of Partnership UA
(D) Articles of Partnership