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.
