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प्रश्न
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.
पर्याय
True
False
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उत्तर
If the partnership deed is silent, partners share profits and losses in proportion to their capital. - False
Explanation:
As per the provisions made under Indian Partnership Act 1932, when partnership deed is silent about profit and loss sharing ratio, partners are supposed to share profits and losses in equal proportion, and not in their capital ratio
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संबंधित प्रश्न
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.
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.
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 ______
What is the meaning of Partnership Deed?
What are the contents of the partnership deed?
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?
If the partnership deed is silent about the profit-sharing ratio, the profits and losses of the firm are to be shared in which ratio?
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".
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:
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.
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 ______.
When there is no partnership deed, the partners are entitled to which of the following?
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?
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.
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
Assertion: The SI system of units is the suitable system for measurements.
Reason: The SI unit of temperature is kelvin.
Which one of the following is correctly matched?
Complete the Correlation:
Perfect competition : Free entry and exit :: ______ Barriers to entry.
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.
Answer in one sentence only:
Why is Partnership Deed necessary?
|
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?
