S1: In the absence of a partnership deed, a partner is entitled to a salary for participating in management. S2: In the absence of a partnership deed, interest on partner's loan is allowed at 6% p.a. Which statement(s) is/are correct?
Explanation:
The Partnership Act 1932 does not allow any partner to claim a salary for management participation if the deed is silent. However, it does allow interest on a partner's loan at 6% p.a. S1 is incorrect, S2 is correct.
S1: Depreciation is the gradual decrease in the market value of an asset. S2: Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life. Which statement(s) is/are correct?
Explanation:
Deprecation is not a valuation process but an allocation process of historical cost over the useful life. It does not measure the decrease in market value. S1 is incorrect, S2 is correct.
Explanation:
The Single Nodal Agency (SNA) model ensures states operate a single account for each Centrally Sponsored Scheme to prevent idle float of funds.
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