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Question
Select the most appropriate alternative from those given below and rewrite the statement.
The Indian Partnership Act is in force since ____________
Options
1932
1956
1960
1984
Solution
The Indian Partnership Act is in force since 1932.
Explanation: The Indian Partnership Act came into force on 1st October, 1932 which extends to the whole of India except the state of Jammu and Kashmir.
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RELATED QUESTIONS
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Assertion: Batman, a partner in a firm with four partners has advanced a loan of ₹ 50,000 to the firm for last six months of the financial year without any agreement. He claims an interest on loan of ₹ 3,000 despite the firm being in loss for the year.
Reasoning: In the absence of any agreement/provision in the partnership deed, provisions of Indian Partnership Act, 1932 would apply.
