1.2.2 - Provisions in the Absence of Partnership Deed (As per Indian Partnership Act, 1932)
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Practice Questions
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How are profits shared in a partnership without a deed?
💡 Hint: Think about what fairness means in a partnership.
Do partners receive interest on their capital in the absence of a partnership deed?
💡 Hint: Recall the provisions outlined by the Indian Partnership Act.
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Interactive Quizzes
Quick quizzes to reinforce your learning
How are profits distributed among partners without a partnership deed?
💡 Hint: Consider fairness in distribution.
Do partners receive salaries in the absence of a partnership deed?
💡 Hint: Reflect on the agreements that are absent.
2 more questions available
Challenge Problems
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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.
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.
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