Which of the following is correct?
The important provision affecting partnership accounting, in the absence of a partnership deed is:
Held on 15 May 2025 · Verified 13 Jul 2026.
Profit Sharing Ratio: If the partnership deed is silent about the profit sharing ratio, the profits and losses of the firm are to be shared by partners in their capital ratio.
Interest on Capital: Partner is entitled to claim higher interest on the amount of capital contributed by him in the firm as a matter of right.
Interest on Drawings: No interest is to be charged on the drawings made by the partners, if there is no mention in the Deed.
Interest on Loan: If any partner has advanced loan to the firm for the purpose of business, he/she shall be entitled to get an interest on the loan amount at the rate of 16 per cent per annum.
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An unrecorded asset is taken over by a creditor in full settlement in such a case
The liability of partners is
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Identify the correct statement from the given below :-
By virtue of which section of the Indian Partnership Act 1932, partnership is defined as 'the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all'.
Work through every CUET UG Partnership PYQ, year by year.