Question : The Partnership Deed is silent on the rate of interest to be paid on the amount due to the heirs of the deceased partner. At what rate interest on the outstanding amount shall be payable?
Option 1: At the rate at which the banks grant loan.
Option 2: At the rate of interest provided in the Partnership Act, 1932.
Option 3: At the rate of interest demanded by the heirs of the deceased partner.
Option 4: 12% PA
Correct Answer: At the rate of interest provided in the Partnership Act, 1932.
Solution : Answer = At the rate of interest provided in the Partnership Act of 1932. In the absence of any specific provision in the Partnership Deed regarding the rate of interest payable to the heirs of a deceased partner, the interest rate will be determined based on the rate provided in the Partnership Act of 1932. At the rate of interest, provided in the Partnership Act 1932, 6% P.A. Hence, the correct option is 2.
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%
Question : On dissolution of the firm, partner A demands that his loan of Rs. 1,00,000 should be paid before payment of Capitals of the partners, whereas partners B and C demand that Capitals should be paid before the payment of A's loan. State the order of payment.
Question : As Per Section ----------------- of the Indian Partnership act provides that a new partner shall not be inducted into the firm without the consent of all existing partner ?
Question : Rhea and Divya are partners as per provisions of the Indian Partnership Act 1932. On admission of a below price than the market price," is an example of_______________.
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