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प्रश्न
State whether the following statement are True or False.
Partnership agreement must be in written form.
विकल्प
True
False
उत्तर
False.
Explanation: According to the Indian Partnership Act, 1932, it is necessary to have an agreement between the partners but it is not compulsory to have it in written form. An oral agreement is also valid although it is not advisable. Hence, the above statement is incorrect.
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संबंधित प्रश्न
Naveen, Seerat and Hina were partners in a firm manufacturing blanket. They were sharing profits in the ratio of 5:3:2. Their capitals on 1st April, 2012 were Rs.2,00,000; Rs.3,00,000 and Rs.6,00,000 respectively. After the floods in Uttaranchal, all partners decided to help the flood victims personally. For this Naveen withdrew Rs.10,000 from the firm on 1st September; 2012. Seerat, instead of withdrawing cash from the firm took blankets amounting to Rs.12,000 from the firm and distributed to the flood victims. On the other hand, Hina withdrew Rs.2,00,000 from her capital on 1st January, 2013 and set up a centre to provide medical facilities in the flood affected area.
The partnership deed provides for charging interest on drawings @ 6% p.a. After the Final Accounts were prepared, it was discovered that interest on drawings had not been charged. Give the necessary adjusting journal entry and show the working notes clearly. Also state any two values that the partners wanted to communicate to the society.
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
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) A balance of the Statement of Profit and Loss.
(ii) A loan of Rs 1,00,000 payable after three years.
(iii) Short-term deposits payable on demand.
(iv) Loose tools
(v) Trademark
(vi) Land
(vii) Cash at the bank
(viii) Trade payables
Does partnership firm has a separate legal entity? Give reason in support of your answer.
Physical devices of computer system are known as ____________.
An account opened in the bank in a joint name of the co-venturers.
Expenses of Joint Venture business are debited to ______.
Explain the role of Computer in accounting.
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?
Sohan and Mohan are partners sharing profits and losses in the ratio of 2:3 with capitals of ₹ 5,00,000 and ₹ 6,00,000 respectively. On 1st January 2022, Sohan and Mohan granted loans of ₹ 20,000 and ₹ 10,000 respectively to the firm. Determine the amount of loss borne by each partner for the year ended 31st March 2022 if the loss before interest for the year amounted to ₹ 2,500.
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.
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.
In the absence of an agreement, partners are entitled to:
- Profit share in capital ratio.
- Commission for making additional sale.
- Interest on Loan & Advances by them to the firm.
- Salary for working extra hours.
- Interest on Capital.
The fixed capital accounts of Shiv, Azeem and Angad, sharing profits and losses in the ratio of 2 : 2 : 1, stood at ₹ 4,00,000, ₹ 6,00,000 and ₹ 2,00,000 respectively.
The accounts for the year ended 31st March, 2022, were drawn up and closed and the Current Account balances of the partners were determined to be:
Shiv ₹ 35,000, Azeem ₹ 40,000 and Angad ₹ 25,000.
Subsequently, the following errors were discovered on 1st April, 2022:
- Interest on capital @ 10% per annum had been allowed to the partners, although there was no provision for it in the partnership deed.
- Salary of ₹ 16,000 per annum to Shiv and ₹ 20,000 per annum to Azeem was not allowed to them, despite a provision for salary in the partnership deed.
- Commission of ₹ 24,000 was not allowed to Angad, despite a provision for commission in the partnership deed.
You are required to prepare the adjusted Current Accounts of the partners on 1st April, 2022, to rectify the lapse in accounting.
