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Partner's Capital Account Adjustments(Death)

A partner can...

Question

A partner can carry on business _____ to that of the firm.

A

similar

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B

not similar

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C

both a and b

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D

none of the above

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Solution

The correct option is C not similar
According to the provisions of the Indian Partnership Act, 1932, a partnership consists of two or more persons coming together. It also lays down some rules and regulations. A partner cannot transfer shares without the consent of the other partners. He also cannot carry on similar business to that of the firm.

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Partner's Capital Account Adjustments(Death)

Standard XII Accountancy

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