Advertisements
Advertisements
प्रश्न
Partnership deed is silent in respect of sharing of profits and losses; in this case what will be the ratio in which profits and loss to be shared?
उत्तर
In case if Partnership Deed is silent about the sharing proportion the Profits and Losses to be shared by Partners in Equal Proportion.
APPEARS IN
संबंधित प्रश्न
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.
Discuss the main provisions of the Indian Partnership Act, 1932 that are relevant to partnership accounts if there is no partnership deed.
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.
Why is Partnership Deed necessary?
Answer in one sentence only.
What is the provision of Indian Partnership Act with regard to Interest on Capital?
When Partnership Deed is silent, Partners share profits of the firm according to capital ratio.
Choose the Correct Answer.
The partnership deed also called ______
What is the meaning of Partnership Deed?
The document which contains the terms of the agreement of partnership is called ______.
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:
"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:
According to the Partnership Act, the relation of partnership arises from ______ and not from status.
The partner who provides capital and shares profit and loss in the partnership business but does not take an active part in the management is known as ______.
In the absence of a Partnership Deed, interest on a loan of a partner is allowed ______
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.
Which of the following is ont considered a tool for formative assessment?
Assertion: The SI system of units is the suitable system for measurements.
Reason: The SI unit of temperature is kelvin.
Write the word/phrase/term, which can substitute the following sentences.
Partnership agreement in written form.
Answer in one sentence only:
What is Partnership Deed?
\[\ce{NaHSO4 +NaCl->[420k] Na2SO4 +HCl}\]
\[\ce{2H2O2(l)->2H2O(l) +O2(g)}\]
\[\ce{CO2 +H2O <=> H2CO3}\]
\[\ce{H2(g) +1/2 O2(g) -> H2O(l)}\]
\[\ce{MX(s)-> M^⊕(g) + X^⊖(g)}\]
\[\ce{3Ar-OH+\underset{(neutral)}{FeCl3}->\underset{(deep colour)}{(Ar-O)3 Fe}+3HCl}\]
\[\ce{\underset{Methane}{CH4 +Cl2}->[U.V] \underset{Methylchloride}{CH3Cl +HCl}}\]
\[\ce{Xe(g) +F2(g)->[673K][1 atm] XeF2(s)}\]
\[\ce{K4 [Fe(CN)_6]->\underset{(counter ion)}{4K^⊕(aq)} +\underset{(complex ion)}{[Fe(CN)_6]^{4⊖}}}\]
\[\ce{CO +\underset{(steam)}{H2O}<=>[Fe-Cr][catalyst] CO2 +H2}\]
\[\ce{Me3N: +BF3-> Me3\overset{⊕}{N}-\overset{⊖}{B}F3}\]
\[\ce{R -C\overset{⊖}{OO}\overset{⊕}{Na}+NaOH->[CaO][\Delta] R-H +Na2CO3}\]
\[\ce{\underset{(Sodium acetate)}{CH3 -CO\overset{⊖}{O}\overset{⊕}{N}a} +NaOH->[Cao][\Delta]\underset{(Methane)}{CH4} +Na2CO3}\]
\[\ce{3Ar -OH\underset{(A)}{\underset{(neutral)}{+FeCl3}}->\underset{(B)}{\underset{(deep colour)}{(Ar -O)3Fe}}+ 3HCl }\]
Answer in one sentence only:
Why is Partnership Deed necessary?
Richa and Anmol are partners sharing profits in the ratio of 3:2 with capitals of ₹ 2,50,000 and ₹ 1,50,000 respectively. Interest on capital is agreed @ 6% p.a. Anmol is to be allowed an annual salary of 12,500. During the year ended 31st March 2023, the profits of the year prior to calculation of interest on capital but after charging Anmol’s salary amounted to ₹ 62,000. A provision of 5% of this profit is to be made in respect of manager’s commission.
Following is their Profit & Loss Appropriation Account
| Particulars | (₹) | Particulars | (₹) |
| To Interest on Capital | By Profit & loss account (After manager’s commission) | -(2)- | |
| Richa | ______ | ||
| Anmol | ______ | ||
| To Anmol’s Salary a/c | 12,500 | ||
| To Profit transferred to: Richa’s Capital A/C (1) | -(1)- | ||
| Anmol’s Capital A/c | ______ | ||
| ______ | ______ |
The amount to be reflected in blank (1) will be:
