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प्रश्न
Answer in one sentence only.
How many persons are required to form partnership business?
उत्तर
At least two persons are required to form a partnership business. However, according to the Companies Act, 1956, a firm cannot have more than 10 partners in case of banking business and not more than 20 persons in case of any other business.
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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
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.
What is the relationship between co-venturers?
The account in which banking transactions of joint venture are recorded.
Physical devices of computer system are known as ____________.
Expenses of Joint Venture business are debited to ______.
Explain the role of Computer in accounting.
Answer in one sentence only.
Who is called a nominal partner?
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.
Ajay, Manish and Sachin were partners sharing profits in the ratio 5:3:2. Their Capitals were ₹ 6,00,000; ₹ 8,00,000 and ₹ 11,00,000 as on April 01, 2021. As per Partnership deed, Interest on Capitals were to be provided @ 10% p.a. For the year ended March 31, 2022, Profits of ₹ 2,00,000 were distributed without providing for Interest on Capitals. Pass an adjustment entry and show the workings clearly.
Ram and Mohan were partners with fixed capitals of ₹ 3,00,000 and ₹ 2,00,000 respectively. As per their partnership deed, interest on capital was allowed @ 10% p.a. Net profit for the year ended 31st March, 2022 was ₹ 30,000. The amount of interest on capital was credited to each partner's current account for the year ended 31st March, 2022 was:
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.
Amit and Iqbal are partners in a business. Their partnership deed contained the following clauses:
- Interest on drawings to be charged @ 6% per annum.
- Amit to get a salary of ₹ 1,000 per month.
- Iqbal to get an annual commission of ₹ 10,000.
- Any partner taking a loan from the firm to be charged interest on it @ 8% per annum.
| Additional Information | Amit (₹) | Iqbal (₹) |
| Drawings made on 1st May, 2022 | 30,000 | |
| Borrowed from the firm on 1st July, 2022 | 10,000 | |
| Capital Balances on 31st March, 2023 | 75,000 | 10,000 (Dr) |
| Divisible profits for the year 2022-23 credited to the Partners' Capital Accounts | 9,000 | 9,000 |
You are required to:
- Give the closing journal entry for interest on loan due from Amit.
- Find the opening capital balance of the partners on 1st April, 2022, by preparing the Partners' Capital Accounts for the year 2022-23.
