State whether the following statements are true or false:(i) Valid partnership can be formulated even without a written agreement between the partners;(ii) Each partner carrying on the business is the principal as well as the agent for all the other (iii) Maximum number of partners in a banking firm can be 20;(iv) Methods of settlement of dispute among the partners can’t be part of the partnership(v) If the deed is silent, interest at the rate of 6% p.a. would be charged on the drawings made(vi) Interest on partner’s loan is to be given @ 12% p.a. if the deed is silent about the rate.

State whether the following statements are true or false:(i) Valid par

1.	State whether the following statements are true or false:(i) Valid partnership can be formulated even without a written agreement between the partners;(ii) Each partner carrying on the business is the principal as well as the agent for all the other (iii) Maximum number of partners in a banking firm can be 20;(iv) Methods of settlement of dispute among the partners can’t be part of the partnership(v) If the deed is silent, interest at the rate of 6% p.a. would be charged on the drawings made(vi) Interest on partner’s loan is to be given @ 12% p.a. if the deed is silent about the rate.
Answer» (i) True (ii) True (iii) True (iv) False (v) False (vi) False