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प्रश्न
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.
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उत्तर
(i) Sharing of profits and losses: If the partnership deed is silent on sharing of profit or losses among the partners of a firm, then according to the Partnership Act of 1932, profits and losses are to be shared equally by all the partners of the firm.
(ii) Interest on partner’s capital: If the partnership deed is silent on interest on partner’s capital, then according to the Partnership Act of 1932, no interest on capital should be given to the partners of the firm.
(iii) Interest on partner’s drawings: If the partnership deed is silent on interest on partner’s drawings, then according to the Partnership Act of 1932, no interest on drawing should be charged from the partners of the firm for the amount of capital withdrawn in form of drawings.
(iv) Interest on partner’s loan: If the partnership deed is silent on interest on partner’s loan, then according to the Partnership Act of 1932, the partners are entitled for 6% p.a. interest on the loan forwarded by them to the firm.
(v) Salary to a partner: If the partnership deed is silent on salary to a partner, then according to the Partnership Act of 1932, no salary should be given to any partner.
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संबंधित प्रश्न
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.
If the Partnership Deed is silent, in which ratio, the partners will share the profit or loss?
Answer in one sentence only.
What is Partnership Deed?
Answer in one sentence only.
What is the provision of Indian Partnership Act with regard to Interest on Capital?
When Partnership Deed is silent, Partners share profits of the firm according to capital ratio.
Choose the Correct Answer.
A temporary partnership that is formed to complete a specific job doing a specified period of time is called ______
Choose the Correct Answer.
The partnership deed also called ______
What is the meaning of 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 ______.
The document which contains the terms of the agreement of partnership is called ______.
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".
Mohan and Sham are partners in a firm. State whether the claim is valid if the partnership agreement is silent in the following matters:
"Sham had advanced a loan to the firm. He claims interest @10% per annum".
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 has contributed Rs. 20.000 and Shyam Rs. 50.000 as capital. Mohan wants an equal share in profits."
According to the Partnership Act, the relation of partnership arises from ______ and not from status.
In the absence of a Partnership Deed, interest on a loan of a partner is allowed ______
Write a word/phrase/term which can substitute the following statement.
Legal Agreement in which partners are legally Liable for the acts done by them.
Partners share profit & losses in ______ ratio in the absense of partnership deed.
The branch of economics that deals with the allocation of resources.
- Micro economics
- Macro economics
- Econometrics
- None of these
Assertion: The SI system of units is the suitable system for measurements.
Reason: The SI unit of temperature is kelvin.
Write the word/phrase/term, which can substitute the following sentences.
Partnership agreement in written form.
Partners share profit & losses in ______ ratio in the absense of partnership deed.
Answer in one sentence only:
What is Partnership Deed?
\[\ce{NaHSO4 +NaCl->[420k] Na2SO4 +HCl}\]
\[\ce{2H2O2(l)->2H2O(l) +O2(g)}\]
\[\ce{CO2 +H2O <=> H2CO3}\]
\[\ce{H2(g) +1/2 O2(g) -> H2O(l)}\]
\[\ce{MX(s)-> M^⊕(g) + X^⊖(g)}\]
\[\ce{3Ar-OH+\underset{(neutral)}{FeCl3}->\underset{(deep colour)}{(Ar-O)3 Fe}+3HCl}\]
\[\ce{\underset{Methane}{CH4 +Cl2}->[U.V] \underset{Methylchloride}{CH3Cl +HCl}}\]
\[\ce{Xe(g) +F2(g)->[673K][1 atm] XeF2(s)}\]
\[\ce{K4 [Fe(CN)_6]->\underset{(counter ion)}{4K^⊕(aq)} +\underset{(complex ion)}{[Fe(CN)_6]^{4⊖}}}\]
\[\ce{CO +\underset{(steam)}{H2O}<=>[Fe-Cr][catalyst] CO2 +H2}\]
\[\ce{Me3N: +BF3-> Me3\overset{⊕}{N}-\overset{⊖}{B}F3}\]
\[\ce{R -C\overset{⊖}{OO}\overset{⊕}{Na}+NaOH->[CaO][\Delta] R-H +Na2CO3}\]
\[\ce{\underset{(Sodium acetate)}{CH3 -CO\overset{⊖}{O}\overset{⊕}{N}a} +NaOH->[Cao][\Delta]\underset{(Methane)}{CH4} +Na2CO3}\]
\[\ce{3Ar -OH\underset{(A)}{\underset{(neutral)}{+FeCl3}}->\underset{(B)}{\underset{(deep colour)}{(Ar -O)3Fe}}+ 3HCl }\]
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.
|
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:
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?
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:
