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Karnataka PUC II Commerce Partnership Basics — practice questions

Explore 6 free Partnership Basics questions in Karnataka PUC II Commerce Accountancy. Open each question or exercise to read its content, reference answers and available explanation.

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Partnership Basics questions and exercises with answers

Showing questions 1–6 of 6.

Partnership is defined in which Indian statute?Read the answer and worked solution →If the partnership deed is silent on profit-sharing ratio, profits and losses are sharedRead the answer and worked solution →As per the Companies Act 2013 read with the prescribed Rules, what is the maximum number of partners in a firm?Read the answer and worked solution →If a partner gives a loan to the firm and the deed is silent on interest, the partner is entitled to interest on the loan atRead the answer and worked solution →Which of the following is NOT an essential feature of a partnership?Read the answer and worked solution →If the partnership deed is silent about interest on partners' capital, thenRead the answer and worked solution →

Worked practice questions

Partnership is defined in which Indian statute?

  1. Indian Contract Act 1872
  2. Companies Act 2013
  3. Sale of Goods Act 1930
  4. Indian Partnership Act 1932
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Correct answer: D. Indian Partnership Act 1932

Section 4 of the Indian Partnership Act 1932 defines partnership.

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If the partnership deed is silent on profit-sharing ratio, profits and losses are shared

  1. In the ratio of capital contribution
  2. Equally among the partners
  3. By the senior partner only
  4. By the partner who manages the firm
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Correct answer: B. Equally among the partners

Section 13 of the Indian Partnership Act 1932 directs equal profit-sharing if the deed is silent — irrespective of capital contributed.

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As per the Companies Act 2013 read with the prescribed Rules, what is the maximum number of partners in a firm?

  1. 50
  2. 100
  3. 10
  4. 20
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Correct answer: A. 50

Section 464 of the Companies Act 2013 empowers the Central Government to cap partners the prescribed maximum is 50.

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More Accountancy topics

Admission of a Partner