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Question
Answer in one sentence only.
What is Partnership Deed?
Solution
A partnership deed is a written agreement duly stamped and signed document containing the terms and conditions of the partnership.
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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.
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.
Answer in one sentence only.
What is the provision of Indian Partnership Act with regard to Interest on Capital?
Choose the Correct Answer.
A temporary partnership that is formed to complete a specific job doing a specified period of time is called ______
What is the meaning of Partnership Deed?
What are the contents of the Partnership Deed?
What are the contents of the partnership deed?
Mohan and Sham are partners in a firm. State whether the claim is valid if the partnership agreement is silent in the following matters:
"Mohan is an active partner. He wants a salary of Rs. 10,000 per year".
In the absence of Partnership Deed, the profits of a firm are divided among 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.
According to the Partnership Act, the relation of partnership arises from ______ and not from status.
The partner who provides capital and shares profit and loss in the partnership business but does not take an active part in the management is known as ______.
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?
Which of the following is ont considered a tool for formative assessment?
The branch of economics that deals with the allocation of resources.
- Micro economics
- Macro economics
- Econometrics
- None of these
Complete the Correlation:
Perfect competition : Free entry and exit :: ______ Barriers to entry.
\[\ce{NaHSO4 +NaCl->[420k] Na2SO4 +HCl}\]
\[\ce{2H2O2(l)->2H2O(l) +O2(g)}\]
\[\ce{CO2 +H2O <=> H2CO3}\]
\[\ce{H2(g) +1/2 O2(g) -> H2O(l)}\]
\[\ce{MX(s)-> M^⊕(g) + X^⊖(g)}\]
\[\ce{3Ar-OH+\underset{(neutral)}{FeCl3}->\underset{(deep colour)}{(Ar-O)3 Fe}+3HCl}\]
\[\ce{\underset{Methane}{CH4 +Cl2}->[U.V] \underset{Methylchloride}{CH3Cl +HCl}}\]
\[\ce{Xe(g) +F2(g)->[673K][1 atm] XeF2(s)}\]
\[\ce{K4 [Fe(CN)_6]->\underset{(counter ion)}{4K^⊕(aq)} +\underset{(complex ion)}{[Fe(CN)_6]^{4⊖}}}\]
\[\ce{CO +\underset{(steam)}{H2O}<=>[Fe-Cr][catalyst] CO2 +H2}\]
\[\ce{Me3N: +BF3-> Me3\overset{⊕}{N}-\overset{⊖}{B}F3}\]
\[\ce{R -C\overset{⊖}{OO}\overset{⊕}{Na}+NaOH->[CaO][\Delta] R-H +Na2CO3}\]
\[\ce{\underset{(Sodium acetate)}{CH3 -CO\overset{⊖}{O}\overset{⊕}{N}a} +NaOH->[Cao][\Delta]\underset{(Methane)}{CH4} +Na2CO3}\]
\[\ce{3Ar -OH\underset{(A)}{\underset{(neutral)}{+FeCl3}}->\underset{(B)}{\underset{(deep colour)}{(Ar -O)3Fe}}+ 3HCl }\]
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:
