#partnership law

Retirement or Death of a Partner

As per Section 37 of the Indian Partnership Act, 1932, the executors would be entitled at their choice to the interest c

6 correct per NCERT Retirement or Death of a Partner; matches accountancy concept accurately.

Ref: NCERT Accountancy Class XII Chapter 4 Retirement Death of Partner explains goodwill settlement executor loan interest Section 37 provisions accounting.

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Admission of a Partner

On the admission of a new partner, old partnership continues.

False correct per NCERT Admission of a Partner; matches accountancy concept accurately.

Ref: NCERT Accountancy Class XII Chapter 3 Admission of Partner explains goodwill valuation sacrificing ratio revaluation reserves adjustment accounting treatment.

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Partnership Accounts 3

A partner acts as ______ for a firm.

Agent partnership correct; deed provisions interest capital drawings as per Act.

Ref: NCERT Accountancy Class XII Chapter 2 Partnership Accounts explains partnership deed interest capital drawings profit appropriation guarantee provisions.

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Partnership Accounts 3

Is interest on a loan permitted in the absence of any agreement or when the partnership deed is silent?

Partnership deed includes firm name, partners names, commencement date, profit sharing ratio.

Ref: NCERT Accountancy Class XII Chapter 2 Partnership Accounts explains partnership deed interest capital drawings profit appropriation guarantee provisions.

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Partnership Accounts 3

Which of the following are features of a partnership firm?

All of the above. partnership correct; deed provisions interest capital drawings as per Act.

Ref: NCERT Accountancy Class XII Chapter 2 Partnership Accounts explains partnership deed interest capital drawings profit appropriation guarantee provisions.

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Partnership Accounts 3

Directions For Questions Which of the following statements are correct? (A) Goodwill must be shared between remaining pa

(A), (C), and (D) only partnership correct; deed provisions interest capital drawings as per Act.

Ref: NCERT Accountancy Class XII Chapter 2 Partnership Accounts explains partnership deed interest capital drawings profit appropriation guarantee provisions.

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Partnership Accounts 2

According to Section 30 of Partnership Act 1932:

New partner is admitted by the partnership correct; deed provisions interest capital drawings as per Act.

Ref: NCERT Accountancy Class XII Chapter 2 Partnership Accounts explains partnership deed interest capital drawings profit appropriation guarantee provisions.

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Partnership Accounts 2

In the absence of an agreement, partners are entitled to:

Interest on loans and advances partnership correct; deed provisions interest capital drawings as per Act.

Ref: NCERT Accountancy Class XII Chapter 2 Partnership Accounts explains partnership deed interest capital drawings profit appropriation guarantee provisions.

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