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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Act of 1932, no interest on drawing should be charged from the partners of the firm for the amount of capital withdrawn in form of drawings.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
Define Partnership Deed.
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.
Answer in one sentence only.
Why is partnership deed necessary?
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.
The partnership deed also called ______
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?
The document which contains the terms of the agreement of partnership is called ______.
What are the contents of the partnership deed?
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."
In the absence of Partnership Deed, the profits of a firm are divided among the partners:
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 ______
When there is no partnership deed, the partners are entitled to which of the following?
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.
Which of the following is ont considered a tool for formative assessment?
Which one of the following is correctly matched?
Write the word/phrase/term, which can substitute the following sentences.
Partnership agreement in written form.
Complete the Correlation:
Perfect competition : Free entry and exit :: ______ Barriers to entry.
Answer in one sentence only:
What is Partnership Deed?
Do you agree/disagree with the following statements.
It is compulsory to have a partnership agreement in writing.
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:
