The maximum number of partners allowed in a partnership firm (as per Companies Act, 2013) is:
A. 50
B. 100
C. 20
D. 10
Answer: Option A
Solution (By JKSSB Mock Tests)
As per Section 464 of Companies Act 2013, maximum number of partners can be 50, unless otherwise prescribed. The earlier limit of 20 for non-banking and 10 for banking has been raised to 50 for all firms.
Explanation:
Assets increase by ₹60,000 (stock), cash decreases by ₹20,000, net assets increase ₹40,000; liabilities increase by ₹40,000 (creditors). Capital is unchanged. Equation: Assets = Liabilities + Capital, here +40,000 = +40,000 + 0.
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