Partnership

Accounting

Easy

common

Contents of the Partnership Deed does not include

Names and Addresses of all partners

Mode of auditor's appointment, if any

The date of commencement of partnership

Bank Details of Nominee

✅ Correct Option: 4

A Partnership Deed is a written agreement among partners that contains the terms and conditions governing the partnership firm.

Typical contents of a Partnership Deed include:

• Names and addresses of all partners → Essential for identification

• Name and nature of business

• Date of commencement of partnership → Establishes the starting point

• Capital contribution and profit sharing ratio

• Rights, duties and liabilities of partners

• Provisions for admission, retirement and death of partners

• Interest on capital, drawings and loans

• Salary, commission to partners if any

• Mode of maintaining books of accounts

• Mode of auditor's appointment, if any → Can be specified in the deed

• Rules for dissolution

Bank details of nominee are personal banking information that do not form part of the Partnership Deed. While the deed may contain clauses regarding legal heirs or nominees in case of a partner's death, specific banking details are not included in this legal document.

The Partnership Deed focuses on the relationship between partners and the conduct of business, not on personal financial details of third parties like nominees.

Correct Answer: Option 4

2025: 26 May Shift 2

Which among the following is NOT true?

2026: 29 May Shift 2

Nancy, Sonu and Himani are partners sharing profits and losses in the ratio of 5:3:2. The partnership deed provides for charging interest on drawings @ 10%. The drawings of Nancy, Sonu and Himani during the year ending March 31, 2025 amounted to Rs.20,000, Rs.15,000 and Rs.10,000 respectively. After the final accounts have been prepared, it was discovered that interest on drawings has not been taken into consideration. Choose the correct adjusting entry.

2026: 11 May Shift 2

Nagina, Pratap and Himesh are partners sharing profits and losses in the ratio of 5:3:2. The partnership deed provides for charging interest on drawings @ 5% p.a. The drawings of Nagina, Pratap and Himesh during the year ending March 31, 2025 amounted to Rs. 40,000, Rs. 15,000 and Rs. 15,000 respectively. After the final accounts have been prepared, it was discovered that interest on drawings has not been taken into consideration. Give necessary adjusting journal entry.

2025: 16 May Shift 1

Ram, one of the partners, has withdrawn ₹ 1,00,000 from Business for his personal work. If the rate of interest charged on drawings is 12% p.a., find the amount of interest on drawings to be charged from Ram:

2025: 31 May Shift 1

Match List-I with List-II

List-I	List-II
Interest on Drawings	Time (Month)
(A) When the amount is withdrawn at the beginning of each month.	(I) 6 months
(B) When the amount is withdrawn at the end of each month.	(II) 6.5 months.
(C) When the amount is withdrawn at the middle of each month.	(III) 5.5 months.
(D) When the amount is withdrawn at the end of each quarter.	(IV) 4.5 months.

Choose the correct answer from the options given below:

2026: 23 May Shift 2

Choose the correct option for transferring partner's salary to Profit and Loss Appropriation A/c

Contents of the Partnership Deed does not include

Solution

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