Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Accounting for Partnership

Question:

Which of the following cannot be admitted as partners in a partnership firm?

Options:

Minors

Persons of Unsound Mind

Both 1 and 2

None of the above

Correct Answer:

Both 1 and 2

Explanation:

OPTION 1- Minors
OPTION 2- Persons of Unsound Mind
So correct option is both of above
According to the Partnership Act, 1932 , any person who is below the age of eighteen, any person who has an artificial body by law, any person who is mentally ill and any person who is declared bankrupt cannot be admitted as a partner in a partnership firm. A person who is a minor according to the law may not be a partner in a firm, but, with the consent of all the partners for the time being, he may be admitted to the benefits of partnership.