Maharashtra State BoardHSC Arts 12th Board Exam
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State Whether the Following Statement Are True Or False. - Book Keeping and Accountancy

MCQ

State whether the following statement are True or False.

If the partnership deed is silent, partners share profits and losses equally.

Options

  • True

  • False

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Solution

True .

Explanation:  Generally, partners can share profits and losses in any ratio as mentioned in the deed. But if the deed is silent, then according to the provisions of Indian Partnership Act, 1932, the profits and losses must be shared equally among the partners. Hence, the above statement is true.

Concept: Meaning and Definitions of Partnership and Partnership Deed
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APPEARS IN

Micheal Vaz Accounts - Book Keeping and Accountancy HSC 12th Standard Maharashtra State Board
Chapter 1 Introduction to Partnership
Exercise | Q 10 | Page 14
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