Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Accounting for Partnership

Question:
How accounting will be done by a partnership firm If there is no provision on any matter in partnership deed?
Options:
Provision of Companies' Act,2013 will apply
Provision of Companies' Act,1956 will apply
Provision of Indian Partnership Act,1942 will apply
Provision of Indian Partnership Act,1932 will apply
Correct Answer:
Provision of Indian Partnership Act,1932 will apply
Explanation:
If there is no express agreement on certain matter in partnership deed, the provision of Indian Partnership Act,1932 shall apply.