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प्रश्न
Discuss the main provisions of the Indian Partnership Act, 1932 that are relevant to partnership accounts if there is no partnership deed.
उत्तर
The following are the main provisions of the Indian partnership Act, 1932 that are relevant to the partnership accounts in absence of partnership deed.
1.Profit Sharing Ratio: If the partnership deed is silent on sharing of profit or losses among the partners of a firm, then according to the Partnership Act of 1932, profits and losses are to be shared equally by all the partners of the firm.
2.Interest on Capital: If the partnership deed is silent on interest on partner’s capital, then according to the Partnership Act of 1932, no interest on capital should be given to the partners of the firm. However, interest on capital is given only out of the profits, if mutually agreed by all the partners.
3.Interest on Drawings: If the partnership deed is silent on interest on partner’s drawings, then according to the Partnership Act of 1932, no interest on drawing should be charged from the partners of the firm for the amount of capital withdrawn in the form of drawings.
4.Interest on Partner’s Loan: If the partnership deed is silent on interest on partner’s loan, then according to the Partnership Act of 1932, the partners are entitled for 6% p.a. interest on the loan forwarded by them to the firm.
5.Salary to Partner: If the partnership deed is silent on salary to a partner, then according to the Partnership Act of 1932, no salary should be given to any partner.
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संबंधित प्रश्न
Define Partnership Deed.
In the absence of partnership deed, specify the rules relating to the following:
(i) Sharing of profits and losses.
(ii) Interest on partner’s capital.
(iii) Interest on Partner’s drawings.
(iv) Interest on Partner’s loan
(v) Salary to a partner.
State whether the following statement is True or False with reasons.
If the partnership deed is silent, partners share profits and losses in proportion to their capital.
Answer in one sentence only.
If the Partnership Deed is silent, in which ratio, the partners will share the profit or loss?
Answer in one sentence only.
What is Partnership Deed?
When Partnership Deed is silent, Partners share profits of the firm according to capital ratio.
Choose the Correct Answer.
A temporary partnership that is formed to complete a specific job doing a specified period of time is called ______
What are the contents of the Partnership Deed?
In the absence of partnership deed, a partner is entitled to an interest on the amount of additional capital advanced by him to the firm at a rate of ______.
If the partnership deed is silent about the profit-sharing ratio, the profits and losses of the firm are to be shared in which ratio?
Consider the following statement.
Statement 1: "Partner is entitled to claim any interest on the amount of capital contributed by him in the firm as a matter of right".
Statement 2: "Interest can be allowed when it is expressly agreed to by the partners".
Mohan and Sham are partners in a firm. State whether the claim is valid if the partnership agreement is silent in the following matters:
"Sham had advanced a loan to the firm. He claims interest @10% per annum".
Mohan and Sham are partners in a firm. State whether the claim is valid if the partnership agreement is silent in the following matters:
"Mohan has contributed Rs. 20.000 and Shyam Rs. 50.000 as capital. Mohan wants an equal share in profits."
In the absence of Partnership Deed, the profits of a firm are divided among the partners:
Write a word/phrase/term which can substitute the following statement.
Legal Agreement in which partners are legally Liable for the acts done by them.
Partners share profit & losses in ______ ratio in the absense of partnership deed.
Partners share profit & losses in ______ ratio in the absense of partnership deed.
Complete the Correlation:
Perfect competition : Free entry and exit :: ______ Barriers to entry.
When there is no partnership agreement between partners, the division of Profits takes place in ______ ratio.
