Question : The rate of interest on the outstanding amount to the deceased partner, if it is not agreed to or the Partnership Deed is silent on the subject, is_____________.

Option 1: 5% PA

Option 2: 6% PA

Option 3: 6%

Option 4: None of the above

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

Question : Which of the following statements is incorrect?

Option 1: The balance of Deceased partner's capital account is transferred to his executor's account.

Option 2: The legal representative of a deceased partner is entitled, at his discretion, to interest at 6% p.a. on the amount due from the date of death to the date of payment.

Option 3: Portion of profit which is earned by the firm with the amount due to the deceased partner.

Option 4: None of the above

Question : Which of the following statements is incorrect?

Option 1: The balance of Deceased partner's capital account is transferred to his executor's account.

Option 2: The legal representative of a deceased partner is entitled, at his discretion, to interest at 6% p.a. on the amount due from the date of death to the date of payment.

Option 3: Portion of profit which is earned by the firm with the amount due to the deceased partner.

Option 4: None of the above

Question : At what rate of interest on the balance amount is claimed by retiring partners or legal representative of deceased partners if / she not to claim profit share in subsequent profits of the firm?

Option 1: 6% pa

Option 2: 6%

Option 3: 6.5% pa

Option 4: 6.5%