Explanation:
The Indian Partnership Act, 1932, states that if there is no partnership deed, profits and losses must be shared equally among all partners.
S1: Under Ind AS 116, short-term leases (12 months or less) and leases of low-value assets are exempt from recognizing right-of-use assets and lease liabilities. S2: For these exempt leases, the lease payments are recognized as an expense on a straight-line basis over the lease term. Which statement(s) is/are correct?
Explanation:
Both statements are correct. Ind AS 116 provides a recognition exemption for short-term and low-value leases, allowing lessees to simply recognize the lease payments as an expense, typically on a straight-line basis.
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