Practice Key Features of Partnership - 1.2.1 | ICSE Class 12 Accounts – Chapter 1: Partnership | ICSE Class 12 Accounts
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1.2.1 - Key Features of Partnership

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Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What is mutual agency?

💡 Hint: Think about how decisions affect all partners.

Question 2

Easy

What is unlimited liability?

💡 Hint: Consider what happens if the business cannot pay its debts.

Practice 4 more questions and get performance evaluation

Interactive Quizzes

Engage in quick quizzes to reinforce what you've learned and check your comprehension.

Question 1

What does mutual agency in a partnership imply?

  • Only partners make independent decisions
  • Partners bind each other through their actions
  • Partners hold separate legal responsibilities

💡 Hint: Consider the decision-making process within partnerships.

Question 2

True or False: In a partnership without a deed, profits are shared equally.

  • True
  • False

💡 Hint: Recall the legal provisions governing partnerships.

Solve 1 more question and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

A partnership firm, ABC, consists of three partners A, B, and C. A takes a loan in the firm’s name without consulting B and C. Discuss the implications for the other partners and the firm.

💡 Hint: Think about how mutual agency affects each partner's responsibilities.

Question 2

Two partners, X and Y, share profits equally but have no written partnership deed. X decides to purchase new equipment without consulting Y. What consequences may arise for both partners?

💡 Hint: Consider the importance of mutual agreement in partnerships.

Challenge and get performance evaluation