Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Accounting for Partnership

Question:

A, B and C are partners sharing profit in ratio in 3:2:1. Partnership firm have a bank account in Canara bank with firm name. Who will operate this bank account?

Options:

A & B

B & C

Any one partner among A, B & C

Clause of partnership is followed

Correct Answer:

Clause of partnership is followed

Explanation:

The correct answer is option 4- Clause of partnership is followed.

Partners may open Bank accounts with Nationalised/Scheduled banks in the name of the firm and will be operated by the any of the partners or jointly. This clause is mentioned in partnership deed. So, the correct answer is option 4 i.e. clause of partnership is followed.