Which of the following is the feature of Fixed Capital Method in Partnership Accounts:-
Held on 3 Jun 2025 · Verified 13 Jul 2026.
Each partner has one account.
The capital accounts always show a credit balance.
The balance of the capital account fluctuates from year to year.
In the absence of any instruction, the capital account should be prepared by this method.
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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
As per AS-26 Intangible assets like goodwill should be written off.
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.