(i)Current Accounts arer maintained in case of fluctuatig capital system. (ii) Partners are entitled to get interest @6% p.a. on the loan given to thefirm , if Partnership Deed is silent on the issue.(iii) At least two persons are necessary to form a partnership. (iv) In the absence of a agreement , profits and losses are distributed among the partners equally.(v) a partner who devotes more time to a business than others is entitled to get a salary . (vi) A partner who has invested more capital in the firm is entitled to get interest on the difference in capital amount. (vii) When a partner draws a fixed sum at the end month for 12 months, interest on total drawings will be equal to interest of 5^(1//2) months at an agreed rete per annum. (viii) When a partner draws a fixed sum in the middle of each month for 12 months , interest on total drawings will be equal to intersts of 6 month at an agreed rate per annum. (ix) If the Partnership Deed is silent , interest @6% would be charged on the drawings made by the partner . (x) Interest on partner 's loan is to be given @10% p.a. if silent about the rate(xi) Valid partnership can formulated even without a written agreement between the partner.(xii) Partners are mutual agents of each other sofar as the business of firm is concerned.

(i)Current Accounts arer maintained in case of fluctuatig capital syst

1.	(i)Current Accounts arer maintained in case of fluctuatig capital system. (ii) Partners are entitled to get interest @6% p.a. on the loan given to thefirm , if Partnership Deed is silent on the issue.(iii) At least two persons are necessary to form a partnership. (iv) In the absence of a agreement , profits and losses are distributed among the partners equally.(v) a partner who devotes more time to a business than others is entitled to get a salary . (vi) A partner who has invested more capital in the firm is entitled to get interest on the difference in capital amount. (vii) When a partner draws a fixed sum at the end month for 12 months, interest on total drawings will be equal to interest of 5^(1//2) months at an agreed rete per annum. (viii) When a partner draws a fixed sum in the middle of each month for 12 months , interest on total drawings will be equal to intersts of 6 month at an agreed rate per annum. (ix) If the Partnership Deed is silent , interest @6% would be charged on the drawings made by the partner . (x) Interest on partner 's loan is to be given @10% p.a. if silent about the rate(xi) Valid partnership can formulated even without a written agreement between the partner.(xii) Partners are mutual agents of each other sofar as the business of firm is concerned.
Answer» Solution :[(i) False ; (ii) True ;(III) True ;(iv) True ; (v) False ; (VI) False ; (VII) True ; (viii)True ; (ix) False ; (x) False ;(XI)True ; (xii) True.]

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