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प्रश्न
What is partnership?
उत्तर
According to the Section 4 of the Partnership Act, 1932, partnership is an agreement between two or more persons who have agreed to share profits or losses of a business that will be carried by all or anyone acting for all.
A person who joined their hands to set up the business are called ‘partners’ individually and ‘firm’ collectively and the name under which they carry out their business is called ‘firm name’.
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संबंधित प्रश्न
Why it is considered desirable to make the partnership agreement in writing.
What are the partnership's chief characteristics? Explain.
Discuss the main provisions of the Indian Partnership Act, 1932 that are relevant to partnership accounts if there is no partnership deed.
How will you deal with a change in the profit sharing ratio among existing partners?
Take imaginary figures to illustrate your answer?
Azad and Benny are equal partners. Their capitals are Rs 40,000 and Rs 80,000, respectively.After the accounts for the year have been prepared it is discovered that interest at 5% p.a. as provided in the partnership agreement, has not been credited to the capital accounts before distribution of profits. It is decided to make an adjustment entry at the beginning of the next year. Record the necessary journal entry.
Explain why it is considered better to make a partnership agreement in writing.
According to which Section of the Indian Partnership Act 1932 partnership is defined as the 'relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all'?
What are the essential features of partnership are ______?
Liability of Partners of partnership firm is ______
Consider the following statement
Statement 1: "Each partner carrying on the business is the principal as well as the agent for all the other partners."
Statement 2: There exists a relationship of mutual agency between all the partners.
The persons who have entered into partnership are individually known as ______.
Following are essential elements of a partnership firm except:
The minimum number of partners allowed to open a partnership firm ______
The maximum number of partners allowed in a partnership firm are ______.
Assertion (A): Partnership comes to an end with the death of a partner but the firm may continue its business with new partnership agreement.
Reason (R): Death of a partner leads to the restructuring of the firm and not to the dissolution of the partnership firm.
Ram and Shyam are equal partners in a partnership. They decided to change their ratio as 2 : 1. On that date, general reserve appeared in the books as ₹ 30,000. What amount of reserve will be transferred to Shyam's Capital Account?
Which of the following statements is not true?
