Match List I (Provisions of Partnership Act) with List II (Matters with which the provisions are related) and select the correct answer using the codes given below the lists:
Match List I (Provisions of Partnership Act) with List II (Matters with which the provisions are related) and select the correct answer using the codes given below the lists:
| List – I | List – II |
| A) Interest is allowed @ 6% p.a. | 1. Drawings of Partners |
| B) Interest shall not be charged | 2. Capital contributed by the partners |
| C) Interest shall be allowed | 3. Net loss of the firm for an accounting year |
| D) Must be shared equally by all the partners unless otherwise agreed. | 4. Loan given by a partner to the firm without a Partnership Deed. |
Select the correct Answer
| (a) | A | B | C | D | (b) | A | B | C | D |
| 1 | 3 | 2 | 4 | 4 | 3 | 2 | 1 | ||
| (c) | A | B | C | D | (d) | A | B | C | D |
| 3 | 2 | 4 | 1 | 4 | 1 | 2 | 3 |
Anurag Pathak Changed status to publish April 9, 2023
Ans – d)
Explanation
a) Interest on the loan of the partner to the firm is charged @ 6% p.a. in the absence of the partnership Deed.
b) Interest on the Partner’s Drawings is not charged in the absence of the partnership deed
c) Interest shall be allowed on the capital contributed by the partners.
d) Net loss of the firm for an accounting year must be shared equally by all the partners.
Anurag Pathak Changed status to publish April 9, 2023
