Partnership

Accounting

Easy

common

If the partnership deed is silent about the profit sharing ratio, the profits and losses of the firm:

Are to be shared in capital ratio

Are to be shared in equal ratio

Are to be shared in specific ratio

Will not be shared unless and until all the partners agree

✅ Correct Option: 2

In the absence of a partnership deed or of any clause on profit sharing, Section 13(b) of the Indian Partnership Act, 1932 applies, under which partners share profits and losses equally regardless of differences in capital contributed or effort devoted.

2025: 27 May Shift 2

Identify the true statement in respect of a partnership Firm-

2025: 4 June Shift 2

Amitabh and Babul are partners sharing profits in the ratio of 3:2, with capitals of Rs. 50,000 and Rs. 30,000 respectively. Interest on capital is agreed @ 6% p.a. Amitabh has also given a Loan on April 01, 2024 of Rs. 50,000 to the firm without any agreement.

Calculate Interest on Amitabh's Loan assuming books are closing on 31st March, 2025.

2026: 20 May Shift 1

Match List-I with List-II

List-I	List-II
(A) Intangible assets should be written off as early as possible but not exceeding its estimated life in ......... years	(I) 4
(B) AS .....deals with intangible assets	(II) 10
(C) In the absence of any agreement, Section ...... of the Indian Partnership Act, 1932 is applicable, which states that the retiring partner has an option to receive either interest @ 6% p.a. till the date of payment or such share of profits which has been earned with his/her money (i.e., based on capital ratio).	(III) 26
(D) Section ...... of the Indian Partnership Act 1932 defines partnership.	(IV) 37

Choose the correct answer from the options given below:

2025: 16 May Shift 1

The Central government has prescribed the maximum number of partners in a firm to be

2026: 13 May Shift 1

At the time of change in profit sharing ratio, what will be the impact of reduction in the value of investment by 20% assuming existing book value of investments in balance sheet as Rs. 2,40,000 and there is an investment fluctuation reserve existing in balance sheet at Rs. 30,000?

2025: 29 May Shift 2

A and B are partners, sharing profits equally. Their fixed capitals were Rs 2,00,000 and Rs 3,00,000 respectively. Interest on capital as provided under partnership deed @10% p.a was omitted. Select the correct option from the following:

If the partnership deed is silent about the profit sharing ratio, the profits and losses of the firm:

Solution

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