Question : Assertion (A): If the partnership deed does not address the payment of interest, the interest on loans to partners is charged at a rate of 6% per year. Reason (R): In the absence of Partnership Deed, provisions of the Partnership Act, 1932 apply. Therefore, 6% annual interest should be added to the loan to the partner. If not, interest is permitted at the agreed-upon rate.
Option 1: Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A)
Option 2: Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A)
Option 3: Assertion (A) is true but Reason (R) is False
Option 4: Both Assertion (A) and Reason (R) is not True
Correct Answer: Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A)
Solution : Both assertion and reason are true and reason is the correct explanation of the assertion. Partners are paid interest on loan of partner @6% p.a if partnership deed does not have provision against it. In this case provisions of the partnership act 1932 are applied.
Hence the correct answer is option 1.
Question : Assertion (A): The firm's partners are Amit, Bharat, and Charu. The Partnership Agreement provides that Amit will be paid a salary of 60,000 per year. Bharat and Charu have also requested salaries of 60,000 each. Salaries for Bharat and Charu will be permitted.
Question : Assertion (A): The partnership deed may be either written or oral. Reason (R): In order to avoid all misunderstandings and disputes, it is always the best course to have a written agreement duly signed and registered under the Act.
Question : Assertion (A): The partnership agreement can be written or oral. Reason (R): To avoid any misunderstandings or disputes, it is always best to have a written agreement that has been signed and registered under the Act.
Question : Assertion: The National Food for Work Program was started in 2004 with the aim of giving rural communities more chances for self-employment. Reason: In 2005, the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) included this scheme.
Question : Assertion: The Employee State Insurance (ESI) Act provides social security and health insurance benefits to workers. Reason: ESI is applicable to establishments with ten or more employees
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