Question
Accountancy Question on Partnership Accounts
A partnership can have maximum 50 partners. This limit has been set by the
A
Indian Partnership Act, 1932
B
State Government
C
Indian Contract Act, 1872
D
Central Government
Answer
Indian Partnership Act, 1932
Explanation
Solution
The Indian Partnership Act, 1932, states that the maximum number of partners in a partnership firm can be 50.
Hence, the correct answer is Option 1.