A partnership deed should be properly drafted and prepared as per the provisions of which act?

In the case of fixed capital method, following two accounts are maintained.

A firm earns a profit in last three years as follows :

2020 - 21 Rs. 75,000

2019 - 20 Rs. 1,20,000

2018 - 19 Rs. 50,000

Additional Information :-

Closing stock of 2020 - 21 was undervalued by Rs. 10,000.

Calculate the Average Profit.

If the partnership deed is silent regarding Interest on the partner's loan, the following provision of the Indian Partnership Act 1932 will be applicable:

Identify the correct sequence for finding out divisible Profit & Loss for a Partnership Firm manufacturing Steel pipes :

(A) Transfer amount to general reserve, as per requirement.

(B) Allow interest on capital and charge interest on drawing.

(C) Transfer of the balance of profit and loss account to profit and loss appropriation A/c

(D) Find out the balance amount to be distributed among partners.

Choose the correct answer from the options given below:

As per _____________. Purchased goodwill may be accounted for in the books and shown as an asset but self-generated goodwill is not accounted for in the books.

Rent payable to partner is .