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AP
Question Practice

Explain the main provisions of the Indian Partnership Act 1932 that are relevant to partnership accounts in the absence of a partnership deed.

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MCQ_SA
CBSE
Class 12
Accountancy
Accountancy Part - I
Accounting for Partnership: Ba...
Question Bank

Explain the main provisions of...

Single Answer MCQ
Q-00002968

Explain the main provisions of the Indian Partnership Act 1932 that are relevant to partnership accounts in the absence of a partnership deed.

1

The Act provides guidelines on profit sharing ratios, interest on capital, and the admission of new partners.

2

The Act specifies the accounting methods to be used, such as cash basis or accrual basis.

3

The Act mandates the use of specific accounting software for partnership accounts.

4

The Act outlines the process for liquidating a partnership in case of insolvency.

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Q1.

What is a partnership and what are its chief characteristics?

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Q2.

What is the primary purpose of a partnership deed?

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Q3.

If a partnership deed is silent on the profit-sharing ratio, how should profits be shared?

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Q4.

Which of the following is NOT usually included in a partnership deed?

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