Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Accounting for Partnership

Question:

About which of the following the Indian Partnership Act of 1932 provides guidelines?

Options:

Distribution of profit and losses in a partnership

Calculation of interest on capital and drawings

Admitting new partners into the partnership

All of these

Correct Answer:

All of these

Explanation:

The Indian Partnership Act, 1932 provides guidelines relating to the partnership firms. Almost all matters related to partnership firm and accounting for these aspects are explained in the Act.