Identify which statement is FALSE- Option 1: In case of no written agreement between partners, a partnership can be started. Option 2: If a partnership deed does not exist, each partner will share profit in equal ratio. Option 3: In a partnership deed, the method of settlement of dispute among the partner cannot be included / mentioned. Option 4: Maximum number of partners in a Partnership Firm must not exceed 50.

Answer: In a partnership deed, the method of settlement of dispute among the partner cannot be included / mentioned. Solution: Let me examine each statement about partnership provisions: Statement 1: Partnership without written agreement - A partnership can indeed be formed through oral agreement or even by implied conduct - Written agreement (partnership deed) is advisable but not mandatory - This statement is TRUE Statement 2: Profit sharing in absence of partnership deed - As per Section 13 of the Indian Partnership Act, 1932, when there is no agreement regarding profit sharing, partners share profits equally - This applies regardless of their capital contributions - This statement is TRUE Statement 3: Inclusion of dispute settlement method in partnership deed - Partners have complete freedom to include any lawful clause in their partnership deed - Method of dispute settlement (like arbitration, mediation, etc.) is commonly included in partnership deeds - Partners CAN mention dispute resolution mechanisms - This statement is FALSE (it incorrectly says "cannot") Statement 4: Maximum number of partners - As per Companies Act, 2013 (Section 464), maximum number of partners is restricted to 50 - This limit applies to all types of partnership firms - This statement is TRUE Statement 3 is false because a partnership deed can include provisions for dispute settlement among partners. In fact, including an arbitration or dispute resolution clause is a common and recommended practice in partnership deeds. Correct Option: 3

Partnership

Accounting

Easy

common

Identify which statement is FALSE-

In case of no written agreement between partners, a partnership can be started.

If a partnership deed does not exist, each partner will share profit in equal ratio.

In a partnership deed, the method of settlement of dispute among the partner cannot be included / mentioned.

Maximum number of partners in a Partnership Firm must not exceed 50.

✅ Correct Option: 3

Let me examine each statement about partnership provisions:

Statement 1: Partnership without written agreement

A partnership can indeed be formed through oral agreement or even by implied conduct
Written agreement (partnership deed) is advisable but not mandatory
This statement is TRUE

Statement 2: Profit sharing in absence of partnership deed

As per Section 13 of the Indian Partnership Act, 1932, when there is no agreement regarding profit sharing, partners share profits equally
This applies regardless of their capital contributions
This statement is TRUE

Statement 3: Inclusion of dispute settlement method in partnership deed

Partners have complete freedom to include any lawful clause in their partnership deed
Method of dispute settlement (like arbitration, mediation, etc.) is commonly included in partnership deeds
Partners CAN mention dispute resolution mechanisms
This statement is FALSE (it incorrectly says "cannot")

Statement 4: Maximum number of partners

As per Companies Act, 2013 (Section 464), maximum number of partners is restricted to 50
This limit applies to all types of partnership firms
This statement is TRUE

Statement 3 is false because a partnership deed can include provisions for dispute settlement among partners. In fact, including an arbitration or dispute resolution clause is a common and recommended practice in partnership deeds.

Correct Option: 3

2026: 13 May Shift 1

Aman, Billu and Sonu were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Sonu was guaranteed that her share of profit will not be less than Rs. 25,000. The firm's profit for the year ending on 31st March, 2025 was Rs. 1,00,000. The amount of deficiency to be borne by Aman was:

2025: 30 May Shift 1

The Partnership agreement between Maneesh and Girish provides that:

(A) Profits will be shared equally

(B) Maneesh will be allowed a salary of Rs 400 pm

(C) Girish who manages the sales department will be allowed a commission of 10% of the net profits after deducting Maneesh's salary

(D) 7% p.a. interest will be allowed on Partner's fixed capital

(E) 5% p.a. interest will be charged on partner's annual drawings

(F) The fixed capitals of Maneesh and Girish are Rs 1,00,000 and Rs. 80,000 respectively. Their annual drawings were Rs. 16,000 and Rs 14,000 respectively. The net profit for the year ended March 31, 2018 amounted to Rs. 40,000

Calculate the profit allocated to each partner after all adjustments.

2025: 29 May Shift 2

The steps followed for calculating interest on drawing in the product method are.

(A) Calculate number of month for which interest is due on each drawing

(B) List down amount of drawing in decending order in a table..

(D) Calculate product for each drawing by multiplying amount and number of month.

Choose the correct answer from the options given below:

2025: 13 May Shift 1

Match List-I with List-II

List-I	List-II
(A) Admission of a partner	(I) Executor Accounts
(B) Retirement of a partner	(II) Sacrificing Ratio
(C) Death of a partner	(III) Realisation Account
(D) Dissolution of a partnership	(IV) Gaining Ratio

Choose the correct answer from the options given below:

2022: 23 Aug Shift 2

Calculate net profit as per P & L A/c for the year ending 31 March, 2022 from the following information :

share of profit transferred to Capital A/c's of partners :

Ram Rs. 7,000

Shyam Rs. 3,500

Interest on capital :

Ram Rs. 1,500

Shyam Rs. 500

Interest on Drawings :

Ram Rs. 300

Shyam Rs. 200

Ram's salary Rs. 1,000

2026: 20 May Shift 1

Which of the following is not accounted for in the books and shown as an asset?

Identify which statement is FALSE-

Solution

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