Welcome to the NCERT Solutions for Class 12 Accountancy - Chapter Accounting for Partnership : Basic Concepts. This page offers a step-by-step solution to the specific question from Exercise 1, Question 2:
State whether the following statements are true or false:
(i) Valid partnership can be formulated even without a written agreement between the partners;
(ii) Each partner carrying on the business is the principal as well as the agent for all the other partners;
(iii) Maximum number of partners can be 50;
(iv) Methods of settlement of dispute among the partners can’t be part of the partnership deed;
(v) If the deed is silent, interest at the rate of 6% p.a. would be charged on the drawings made by the partner;
(vi) Interest on partner’s loan is to be given @ 12% p.a. if the deed is silent about the rate.
State whether the following statements are true or false:
(i) Valid partnership can be formulated even without a written agreement between the partners;
(ii) Each partner carrying on the business is the principal as well as the agent for all the other partners;
(iii) Maximum number of partners can be 50;
(iv) Methods of settlement of dispute among the partners can’t be part of the partnership deed;
(v) If the deed is silent, interest at the rate of 6% p.a. would be charged on the drawings made by the partner;
(vi) Interest on partner’s loan is to be given @ 12% p.a. if the deed is silent about the rate.
(i) True
(ii) True
(iii) True
(iv) False
(v) False
(vi) False
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Welcome to the NCERT Solutions for Class 12 Accountancy - Chapter . This page offers a step-by-step solution to the specific question from Excercise 1 , Question 2: State whether the following statements are true or false: (i) Valid partnership can be formulated....
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