Partnership

Accounting

Medium

In partnership, a minor can be partner:

in no case

but not more than one

but only to the benefits of partnership firm

but only as a secret partner

✅ Correct Option: 3

As per Section 30 of the Indian Partnership Act, 1932, a minor cannot become a full partner because he is not competent to enter into a contract. However, with the consent of all partners, a minor may be admitted only to the benefits of the partnership, sharing profits without personal liability for losses.

2025: 30 May Shift 2

Under which Section & Act, the Central Government is empowered to prescribe a maximum number of partners in a partnership firm?

2025: 3 June Shift 2

Match List-I with List-II

List-I	List-II
(A) Bank (fresh capital introduced)	(I) Debit side of Partner's Current Account
(B) Interest on drawings	(II) Debit side of Partner's Capital Account
(C) Bank (permanent withdrawal of capital)	(III) Credit side of Partner's Current Account
(D) Commission	(IV) Credit side of Partner's Capital Account

Choose the correct answer from the options given below:

2023: 20 June Shift 2

Identify the way by which the clauses of partnership deed can be altered.

2025: 30 May Shift 2

Which among the following is not the feature of a fixed capital method by which the capital accounts of partners can be maintained?

2026: 11 May Shift 1

Choose the correct order in calculation of the goodwill of the firm by Super Profit Method.

A. Calculation of Super Profit

B. Calculation of Normal Profit

C. Calculation of Capital Employed by the firm

D. Calculation of goodwill of the firm

Choose the correct answer from the options given below:

2025: 22 May Shift 2

For distribution of profits among the partners, the following account is debited to the partners:

In partnership, a minor can be partner:

Solution

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