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प्रश्न
Answer in one sentence only.
What is Partnership?
उत्तर
A partnership is an agreement between two or more persons to share profits and losses of the firm. According to Section 4 of the Indian Partnership Act, 1932, “Partnership is the relation between persons who have agreed to share profits of a business carried on by all or any one of them acting for all.
APPEARS IN
संबंधित प्रश्न
In the absence of partnership deed the profits of a firm are divided among the partners :
(a) In the ratio of capital
(b) Equally
(c) In the ratio of time devoted for the firm's business
(d) According to the managerial abilities of the partners
In the absence of Partnership Deed, interest on a loan of a partner is allowed :
(1) at 8% per annum
(2) at 6% per annum
(3) no interest is allowed
(4) at 12% per annum
Under which major headings and sub-headings will the following items be shown in the Balance Sheet of a company as per Schedule VI Part I of the Companies Act, 1956 :
(i) Cheques in hand.
(ii) A stock of work-in-progress.
(iii) Copyrights.
(iv) Loose tools.
(v) Provision for bad debts.
(vi) The negative balance is shown by the Statement of Profit and Loss.
(vii) Bonds.
(viii) Unpaid dividend
In the absence of partnership agreement, interest on drawings of partners is charged :
(1) at 6% per annum
(2) at 9% per annum
(3) at 12% per annum
(4) no interest is charged
Does partnership firm has a separate legal entity? Give reason in support of your answer.
Match the following pairs:
| Group ‘A’ | Group ‘B’ | ||
| (a) | Partnership Deed | (1) | Central Processing Unit |
| (b) | Excess of assets over liabilities | (2) | Purchase price plus installation charges |
| (c) | CPU | (3) | Written agreement |
| (d) | Co-venturer | (4) | Purchase price less Scrap Value |
| (e) | Cost of fixed assets | (5) | Capital |
| (6) | Partner in joint venture | ||
| (7) | Oral agreement | ||
| (8) | Liabilities | ||
What is the relationship between co-venturers?
Unsold stock of Joint Venture taken over by co-venturer is credited to ____.
What is a Computer?
Expenses of Joint Venture business are debited to ______.
Explain the role of Computer in accounting.
Answer in one sentence only.
How many persons are required to form partnership business?
Answer in one sentence only.
Who is called a nominal partner?
Answer in one sentence only.
Why is a partnership deed prepared?
State whether the following statement are True or False.
If the partnership deed is silent, partners share profits and losses equally.
State whether the following statement are True or False.
Partnership is an association of two or more persons.
State whether the following statement is True or False.
Receipts and payments account is a real account.
Samiksha, Arshiya and Divya were partners in firm sharing profits and losses in the ratio of 5 : 3 : 2. With effect from 1st April 2022, they agreed to share future profits and losses in the ratio of 2 : 5 : 3. Their Balance Sheet showed a debit balance of ₹ 50,000 in the Profit and Loss Account and a balance of ₹ 40,000 in the Investment Fluctuation Fund. The market value of an investment is ₹ 30,000 against the book value of ₹ 50,000. Partners have decided, not to show revised value in the balance sheet and to pass an adjusting entry for it. Which of the following is the correct treatment of the above?
Nirmala, Divisha and Sara were partners in firm sharing profits and losses in the 3 : 4 : 3. Books were closed on 31st March every year. Sara died on 1st February, 2022. As per the partnership deed, Sara's executors are entitled to her share of profit till the date of death on the basis of Sales turnover. Sales for the year ended 31st March 2021 was ₹ 10,00,000 and profit for the same year was ₹ 1,20,000. Sales show a positive trend of 20% and the percentage of profit earning is reduced by 2%.
Journalise the transaction along with the working notes.
A partnership firm has four partners. How many additional partners can be admitted into the business as per the provisions of the Companies Act, 2013?
Assertion (A): Partnership is the relation between persons who have agreed to share the profits of the business carried on by all or any of them acting for all.
Reason (R): If a partner carries on any business of the same nature and competing with that of the firm, he/she shall account for and pay to the firm all profit made by him/her in that business.
Read the following hypothetical situation and answer question on its basis:
|
Rudra, Dev and Shiv were partners in a firm sharing profits in the ratio of 5:3:2. Their fixed capitals were ₹6,00,000, ₹4,00,000 and ₹2,00,000 respectively. Besides his capital Shiv had given a loan of ₹75,000 to the firm. Their partnership deed provided for the following: (i) Interest on capital @9% p.a. (ii) Interest on partner's drawings @12% p.a. (iii) Salary to Rudra ₹30,000 per month and to Dev ₹40,000 per quarter. (iv) Interest on Shiv's loan@ 9% p.a. During the year Rudra withdrew ₹ 50,000 at the end of each quarter; Dev withdrew ₹ 50,000 in the beginning of each half year and Shiv withdrew ₹ 70,000 at the end of each half year. The profit of the firm for the year ended 31-3-2022 before allowing interest on Shiv's loan was ₹ 7,06,750. |
How much amount of net profit will be transferred to Profit and Loss Appropriation A/c?
