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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
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.
Why it is considered desirable to make the partnership agreement in writing.
What is partnership? What are its chief characteristics? Explain.
Choose the appropriate alternative from the given options:
Mohit and Rohit were partners in a firm with capitals of ₹ 80,000 and ₹ 40,000 respectively. The firm earned a profit of ₹ 30,000 during the year. Mohit's share in the profit will be:
A and B are partners in the ratio of 3:2. C is admitted as a partner and he takes ¼th of his share from A. B gives 3/16 from his share to C. What is the share of C?
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:
A, B and C are partners sharing profits in the ratio of 2 : 3 : 1. As per the partnership agreement, C is to get a minimum amount of ₹ 1,00,000 as her share of profits every year and any deficiency on this account is to be personally borne by B. The net profit for the year ended 31st March 2021 amounted to ₹ 3,00,000. What will be the amount of deficiency to be borne by B?
The Agreement of Partnership may be:
A joint stock company is ______.
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?
