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Home Questions Z5R5S5N8TY
Target Exam

CUET

Subject

Accountancy

Chapter

Admission of a Partner

Question:
Assertion: A new partner can be admitted to the firm if majority of the partners agree.

Reasoning: A new partner can be admitted only when the existing partners unanimously agree to it.
Options:
Both Assertion (A) and reasoning (R) are correct and R is the correct explanation of A.
Both Assertion (A) and reasoning (R) are correct and but R is not the correct explanation of A.
Assertion (A) is true but Reasoning (R) is not correct.
Assertion (A) is not true but Reasoning (R) is correct.
Correct Answer:
Assertion (A) is not true but Reasoning (R) is correct.
Explanation:
According to the provisions of Partnership Act 1932 unless it is otherwise provided in the partnership deed a new partner can be admitted only when the existing partners unanimously agree for it.

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