Partnership

1. Principle under which every partner acts for all partners.
3. A person who joins others to run a business.
5. _____ capital that remains unchanged over time.
6. A partnership agreement may be oral or _____.
7. _____ partner who contributes capital but does not actively participate in management.
9. Share earned from business activities.
14. Negative result of business operations.
15. The process of ending the partnership relationship among all partners.
17. Person who puts money into a business.
19. Amount introduced by a partner into the business.
20. Amount due to a partner from the firm.
21. Profits may be shared equally or _____.
22. A _____ partner who gives up a portion of his profit share in favour of a new partner.
28. Partnership comes into existence through an _____.
29. Short form of Profit Sharing Ratio.

2. Which _____ account reflects day-to-day changes in a partner's balance under the fixed capital method?
4. Additional reward based on performance.
5. Business organization owned by two or more partners.
8. Main objective of every business.
10. Obligation to pay the firm's debts.
11. A person admitted to the benefits of partnership.
12. Distribution of responsibilities among partners.
13. Economic activity undertaken to earn profit.
16. Remuneration given to a partner for managing the firm.
18. _____ capital that changes due to transactions.
23. Return allowed on capital contributed by partners.
24. Account maintained to record a partner's _____.
25. Relationship between persons carrying on a business together.
26. Money withdrawn by partners for personal use.
27. Written agreement among partners.