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Question
Answer in one sentence only.
If the Partnership Deed is silent, in which ratio, the partners will share the profit or loss?
Solution
If the Partnership Deed is silent, partners will share profits and losses in equal ratio.
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RELATED QUESTIONS
In the absence of partnership deed, specify the rules relating to the following:
(i) Sharing of profits and losses.
(ii) Interest on partner’s capital.
(iii) Interest on Partner’s drawings.
(iv) Interest on Partner’s loan
(v) Salary to a partner.
Define Partnership Deed.
In the absence of partnership deed, specify the rules relating to the following:
(i) Sharing of profits and losses.
(ii) Interest on partner’s capital.
(iii) Interest on Partner’s drawings.
(iv) Interest on Partner’s loan
(v) Salary to a partner.
Discuss the main provisions of the Indian Partnership Act, 1932 that are relevant to partnership accounts if there is no partnership deed.
State whether the following statement is True or False with reasons.
If the partnership deed is silent, partners share profits and losses in proportion to their capital.
Partners share profit & losses in _______ ratio in the absence of partnership deed.
Partnership Deed is an _____ of Partnership.
Answer in one sentence only.
Why is Partnership Deed necessary?
Answer in one sentence only.
What is Partnership Deed?
Choose the Correct Answer.
A temporary partnership that is formed to complete a specific job doing a specified period of time is called ______
What are the contents of the Partnership Deed?
In the absence of partnership deed, a partner is entitled to an interest on the amount of additional capital advanced by him to the firm at a rate of ______.
A, B and C are partners, their partnership deed provides for interest on drawings at 8% per annum. B withdrew a fixed amount in the middle of every month and his interest on drawings amounted to ₹4,800 at the end of the year. What was the amount of his monthly drawings?
Consider the following statement.
Statement 1: "Partner is entitled to claim any interest on the amount of capital contributed by him in the firm as a matter of right".
Statement 2: "Interest can be allowed when it is expressly agreed to by the partners".
Assertion (A): A new partner can be admitted into a partnership firm with the consent of all the existing partners.
Reason (R): According to Section 31 of the Indian Partnership Act, 1932, a new partner shall not be introduced into a firm without the consent of all the existing partners, unless it is agreed otherwise by the partners in the partnership deed.
In the absence of a Partnership Deed, interest on a loan of a partner is allowed ______
Partnership deed is silent in respect of sharing of profits and losses; in this case what will be the ratio in which profits and loss to be shared?
Partners share profit & losses in ______ ratio in the absense of partnership deed.
Which of the following is ont considered a tool for formative assessment?
Assertion: The SI system of units is the suitable system for measurements.
Reason: The SI unit of temperature is kelvin.
Complete the Correlation:
Perfect competition : Free entry and exit :: ______ Barriers to entry.
Do you agree/disagree with the following statements.
It is compulsory to have a partnership agreement in writing.
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\[\ce{3Ar -OH\underset{(A)}{\underset{(neutral)}{+FeCl3}}->\underset{(B)}{\underset{(deep colour)}{(Ar -O)3Fe}}+ 3HCl }\]
When there is no partnership agreement between partners, the division of Profits takes place in ______ ratio.
Partners share profit & losses in ______ ratio in the absense of partnership deed.
Answer in one sentence only:
Why is Partnership Deed necessary?
Richa and Anmol are partners sharing profits in the ratio of 3:2 with capitals of ₹ 2,50,000 and ₹ 1,50,000 respectively. Interest on capital is agreed @ 6% p.a. Anmol is to be allowed an annual salary of 12,500. During the year ended 31st March 2023, the profits of the year prior to calculation of interest on capital but after charging Anmol’s salary amounted to ₹ 62,000. A provision of 5% of this profit is to be made in respect of manager’s commission.
Following is their Profit & Loss Appropriation Account
| Particulars | (₹) | Particulars | (₹) |
| To Interest on Capital | By Profit & loss account (After manager’s commission) | -(2)- | |
| Richa | ______ | ||
| Anmol | ______ | ||
| To Anmol’s Salary a/c | 12,500 | ||
| To Profit transferred to: Richa’s Capital A/C (1) | -(1)- | ||
| Anmol’s Capital A/c | ______ | ||
| ______ | ______ |
The amount to be reflected in blank (1) will be:
Richa and Anmol are partners sharing profits in the ratio of 3:2 with capitals of ₹ 2,50,000 and ₹ 1,50,000 respectively. Interest on capital is agreed @ 6% p.a. Anmol is to be allowed an annual salary of 12,500. During the year ended 31st March 2023, the profits of the year prior to calculation of interest on capital but after charging Anmol’s salary amounted to ₹ 62,000. A provision of 5% of this profit is to be made in respect of manager’s commission.
Following is their Profit & Loss Appropriation Account
| Particulars | (₹) | Particulars | (₹) |
| To Interest on Capital | By Profit & loss account (After manager’s commission) | -(2)- | |
| Richa | ______ | ||
| Anmol | ______ | ||
| To Anmol’s Salary a/c | 12,500 | ||
| To Profit transferred to: Richa’s Capital A/C (1) | -(1)- | ||
| Anmol’s Capital A/c | ______ | ||
| ______ | ______ |
The amount to be reflected in blank (2) will be:
