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When does the Partnership Act come into action in a firm?

26. When does the Partnership Act come into action in a firm?

1. When there is a conflict of interest and opinions in a firm.
2. When the capital invested is unequal
3. In the absence of Partnership Deed
4. When interest is charged on drawings

Answer: C) In the absence of Partnership Deed

Explanation:

The Partnership Act 1932 comes into action when there is the absence of a partnership deed in the firm.