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 : 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.

Option 1: As per Section 48 of the Indian Partnership Act, 1932, partner's loan is paid before the payment of partner's Capitals.

Option 2: As per Section 48 of the Indian Partnership Act, 1932, partner's loan is paid after the payment of partner's Capitals.

Option 3: As per Section 48 of the Indian Partnership Act, 1932. Partner's loan is paid before the payment of outsider's liabilities.

Option 4: None of the above

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 ?

Option 1: 35

Option 2: 38

Option 3: 42

Option 4: 31

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_______________.

Option 1: Public Issue

Option 2: Private Placement

Option 3: ESOP

Option 4: Issue other than cash

Question : A and B are partners in a firm sharing profits in the ratio of 3:2. Mrs A has given a loan of Rs. 20,000 to the firm, and the firm also obtained a loan of Rs. 10,000 from B. The firm was dissolved, and its assets were realised for Rs. 25,000. State the order of payment of Mrs. A's Loan and B's Loan with reason, if there were no creditors of the firm.

Option 1: As per Section 48 of the Indian Partnership Act, 1932, Mrs. A's Loan of Rs.20,000 will be paid first and after that B's Loan will be paid up to the available amount of Rs.5,000.

Option 2: As per Section 48 of the Indian Partnership Act, 1932, B's loan of Rs.10,000 will be paid first and after that Mrs A loan will be paid up to the available amount.

Option 3: As per Section 48 of the Indian Partnership Act, 1932, Mrs. A's Loan of Rs.20,000 will be paid first and after that B's Loan will be paid up to the available amount of Rs 10,000.

Option 4: None of the above