NCERT Solutions for Class 12 Accountancy Chapter 2 Accounting for Partnership Firms - Fundamentals

Q. Valid partnership can be formulated even without a written agreement between the partners.

Ans. True

Q. Maximum number of partners can be 50.

Ans. True

Q. Methods of settlement of dispute among the partners can't be part of the partnership deed.

Ans. False

Q. Interest on partner's loan is to be given @ 12% p.a. if the deed is silent about the rate.

Ans. False

Q. Each partner carrying on the business is the principal as well as the agent for all the other partners.

Ans. True

Q. If the deed is silent, interest at the rate of 6% p.a. would be charged on the drawings made by the partners.

Ans. False