Practice Provisions in the Absence of Partnership Deed (As per Indian Partnership Act, 1932) - 1.2.2 | ICSE Class 12 Accounts – Chapter 1: Partnership | ICSE Class 12 Accounts
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1.2.2 - Provisions in the Absence of Partnership Deed (As per Indian Partnership Act, 1932)

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Learning

Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

How are profits shared in a partnership without a deed?

💡 Hint: Think about what fairness means in a partnership.

Question 2

Easy

Do partners receive interest on their capital in the absence of a partnership deed?

💡 Hint: Recall the provisions outlined by the Indian Partnership Act.

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

How are profits distributed among partners without a partnership deed?

  • Equally
  • Unequally
  • Based on contribution

💡 Hint: Consider fairness in distribution.

Question 2

Do partners receive salaries in the absence of a partnership deed?

  • True
  • False

💡 Hint: Reflect on the agreements that are absent.

Solve 2 more questions and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

Two partners, A and B, decide to start a shop together without a deed. They earn a total profit of INR 240,000. How much will each partner get? Discuss the importance of having a partnership deed in maintaining fairness and addressing potential disputes.

💡 Hint: Think about how the absence of clear terms can lead to misunderstandings.

Question 2

Partner C provides a loan of INR 100,000 to the partnership. How much interest will he receive after one year? Justify the significance of interest provisions in partnership agreements.

💡 Hint: Calculate interest using the formula: Interest = Principal × Rate × Time.

Challenge and get performance evaluation