Practice Provisions In The Absence Of Partnership Deed (as Per Indian Partnership Act, 1932) (1.2.2)

Practice: Provisions in the Absence of Partnership Deed (As per Indian Partnership Act, 1932)

Lesson 1.2.2Partnership

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10 questions

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6 sample questions

Question 1.
How are profits shared in a partnership without a deed?
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Think about what fairness means in a partnership.
Question 2.
Do partners receive interest on their capital in the absence of a partnership deed?
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Recall the provisions outlined by the Indian Partnership Act.
3Question 3.
How are profits distributed among partners without a partnership deed?
- Equally
- Unequally
- Based on contribution
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Consider fairness in distribution.
4Question 4.
Do partners receive salaries in the absence of a partnership deed?
- True
- False
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Reflect on the agreements that are absent.
Question 5.
Two partners, A and B, decide to start a shop together without a deed. They earn a total profit of INR 240,000. How much will each partner get? Discuss the importance of having a partnership deed in maintaining fairness and addressing potential disputes.
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Think about how the absence of clear terms can lead to misunderstandings.
Question 6.
Partner C provides a loan of INR 100,000 to the partnership. How much interest will he receive after one year? Justify the significance of interest provisions in partnership agreements.
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Calculate interest using the formula: Interest = Principal × Rate × Time.

6 more questions in this section. Enroll free to practise them all.