Question : Assertion (A): A partnership is a relationship between individuals who have decided to split the earnings from a business that is operated by all of them acting collectively or by any one of them.

Reason (R): The Partnership Act of 1932 defines it.

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) are not correct.

Question :

Summarize the following paragraph:

Consistency is the most significant thing in everyone’s life. Without consistency one cannot live a content life. It is the act of living life following several rules and system. Consistency is the whole thing which we do in the correct way at correct time. It leads us to the accurate path. We all go after various types of consistency in our lives. There are many instances like we go to work, we eat food, we have tea, we speak with our friends... These all highlight traits of consistency.

Option 1: Consistency is the most indispensable principle to guide us

Option 2: Consistency is the worst attribute and is not inherent.

Option 3:

Consistency is not only the most important attribute but is also inherent

Option 4:

It is consistency which changes lives. A consistent person is sure to achieve something

Option 5: Consistency is the only significant of all the principles

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

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.
Reason (R): In the absence of a Partnership Deed, the Partnership Act of 1932 applies. As a result, Bharat and Charu will not be paid.

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: Assertion (A) is false and Reason (R) is true

Question : R and D are partners as per provisions of Indian Partnership Act 1932. On admission of a new partner M for 1/5 share, a revaluation account is prepared. M claims to have eqal share in revaluation profits. Choose the correct accounting treatment

Option 1:

M's share of revaluation profit is equal

Option 2:

M's share of revaluation profit is 1/5th 

Option 3: M's share is revaluation profit is nil 

Option 4: All of the above