Financial and Management Accounting

1: Which of the following statements is correct? 1. Indian Companies Act, 1956 restricts the maximum number of members in partnership. 2. The Partnership Act implies that a partnership firm cannot be formed to carry on a charitable work. 3. To become a partner, sharing of profits by the member is not necessary. 4. To become a partner, sharing of losses by the member is not necessary. Select the correct answer using the codes given below: