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प्रश्न
State whether the following statement are True or False.
Partners must share profits and losses equally.
पर्याय
True
False
उत्तर
False.
Explanation: It is not mandatory for the partners to share profits and losses equally amongst themselves. They can share the benefits in any ratio as decided. The profits or losses will be distributed equally only when they agree or when the partnership deed is silent in this respect. Hence, the given statement is false.
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संबंधित प्रश्न
Under which major headings and sub-heading will the following items be placed in the Balance Sheet of a company as per Schedule VI part I of the Companies Act, 1956 :
(1) Loans provided re-payable on demand.
(2) Goodwill
(3) Copyright
(4) General Reserve
(5) Cheques
(6) Loose tools
(7) A stock of finished goods
(8) 9% debentures re-payable after three years
Under which major sub-headings the following items will be placed in the Balance Sheet of a company as per revised Schedule-VI, Part-I of the Companies Act, 1956:
i. Capital Reserve
ii. Bonds
iii. Loans repayable on demand
iv. Vehicles
v. Goodwill
vi. Loose tools
State the provisions of Indian Partnership Act regarding the payment of remuneration to a partner for the services rendered.
Answer in one sentence only.
Which act is applicable to partnership business?
Answer in one sentence only.
What is the liability of partners?
Answer in one sentence only.
Who is called a Minor Partner?
Give the word / term or phrase which can substitute the following statement.
An amount contributed by the partners into the business.
Give the word / term or phrase which can substitute the following statement.
A partner who contributes only capital for the business but does not take any active part.
Give the word / term or phrase which can substitute the following statement.
A partner below the age of 18 years.
Give the word / term or phrase which can substitute the following statement.
An amount withdrawn by partner from business for his personal use.
Give the word / term or phrase which can substitute the following statement.
The partner who is entitled to share profits only.
Give the word / term or phrase which can substitute the following statement.
A partner who acts and behaves like a partner, but he is not a partner of the firm.
Select the most appropriate alternative from those given below and rewrite the statement.
A debit balance of partner’s current account will appear on the ___________ side of the Balance Sheet.
Select the most appropriate alternative from those given below and rewrite the statement.
Under fixed capital method, capital account and __________________ account is opened for each partner.
Select the most appropriate alternative from those given below and rewrite the statement.
The liability of the partner in a firm is__________________.
Select the most appropriate alternative from those given below and rewrite the statement.
Partnership is an association of__________________ or more persons.
Select the most appropriate alternative from those given below and rewrite the statement.
If dates of drawings are not given, interest on drawings is charged for __________________ months.
Select the most appropriate alternative from those given below and rewrite the statement.
Maximum __________________ persons are required to form a partnership having Banking business.
State whether the following statement are True or False.
There is no limit to maximum number of partners in a firm.
State whether the following statement are True or False.
Partners’ current account always shows credit balance.
State whether the following statement are True or False.
Partners are entitled to get salary or commission.
P, Q, and R were partners in a firm. On 31st March 2018 R retired. The amount payable to R ₹ 2,17,000 was transferred to his loan account. R agreed to receive interest on this amount as per the provisions of Partnership Act, 1932. State the rate at which interest will be paid to R.
Distinguish between ‘Dissolution of Partnership’ and ‘Dissolution of Partnership Firm’ based on:
- Settlement of assets and liabilities
- Economic relationship
Assertion: Batman, a partner in a firm with four partners has advanced a loan of ₹ 50,000 to the firm for last six months of the financial year without any agreement. He claims an interest on loan of ₹ 3,000 despite the firm being in loss for the year.
Reasoning: In the absence of any agreement/provision in the partnership deed, provisions of Indian Partnership Act, 1932 would apply.
