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प्रश्न
उत्तर
Joint venture is a form of business, wherein two or more persons (or organisations) join hands together to work-out a specific event. The persons or organisations coming together are known as co-venturers. They invest their pooled-up resources in the event and any profit or loss arising out of that is distributed among themselves in the pre-decided ratio.
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संबंधित प्रश्न
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
What is meant by Partnership deed?
Match the following pairs:
| Group ‘A’ | Group ‘B’ | ||
| (a) | Partnership Deed | (1) | Central Processing Unit |
| (b) | Excess of assets over liabilities | (2) | Purchase price plus installation charges |
| (c) | CPU | (3) | Written agreement |
| (d) | Co-venturer | (4) | Purchase price less Scrap Value |
| (e) | Cost of fixed assets | (5) | Capital |
| (6) | Partner in joint venture | ||
| (7) | Oral agreement | ||
| (8) | Liabilities | ||
What is a partnership deed?
The account in which banking transactions of joint venture are recorded.
Co-venturers’ liability is_________.
Physical devices of computer system are known as ____________.
Unsold stock of Joint Venture taken over by co-venturer is credited to ____.
Expenses of Joint Venture business are debited to ______.
Answer in one sentence only.
What is Partnership?
Answer in one sentence only.
Who is called a nominal partner?
Answer in one sentence only.
Why is a partnership deed prepared?
State whether the following statement are True or False.
Partnership agreement must be in written form.
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.
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.
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.
Read the following hypothetical situation and answer question on its basis:
|
Rudra, Dev and Shiv were partners in a firm sharing profits in the ratio of 5:3:2. Their fixed capitals were ₹6,00,000, ₹4,00,000 and ₹2,00,000 respectively. Besides his capital Shiv had given a loan of ₹75,000 to the firm. Their partnership deed provided for the following: (i) Interest on capital @9% p.a. (ii) Interest on partner's drawings @12% p.a. (iii) Salary to Rudra ₹30,000 per month and to Dev ₹40,000 per quarter. (iv) Interest on Shiv's loan@ 9% p.a. During the year Rudra withdrew ₹ 50,000 at the end of each quarter; Dev withdrew ₹ 50,000 in the beginning of each half year and Shiv withdrew ₹ 70,000 at the end of each half year. The profit of the firm for the year ended 31-3-2022 before allowing interest on Shiv's loan was ₹ 7,06,750. |
How much amount of net profit will be transferred to Profit and Loss Appropriation A/c?
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.
