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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?
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Solution
If the Partnership Deed is silent, partners will share profits and losses in equal ratio.
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RELATED QUESTIONS
Define Partnership Deed.
In the absence of partnership deed, specify the rules relating to the following:
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(iv) Interest on Partner’s loan
(v) Salary to a partner.
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The partnership deed also called ______
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What are the contents of the partnership deed?
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The document which contains the terms of the agreement of partnership is called ______.
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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:
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Mohan and Sham are partners in a firm. State whether the claim is valid if the partnership agreement is silent in the following matters:
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Mohan and Sham are partners in a firm. State whether the claim is valid if the partnership agreement is silent in the following matters:
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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?
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Partners share profit & losses in ______ ratio in the absense of partnership deed.
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The branch of economics that deals with the allocation of resources.
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Perfect competition : Free entry and exit :: ______ Barriers to entry.
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What is Partnership Deed?
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It is compulsory to have a partnership agreement in writing.
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When there is no partnership agreement between partners, the division of Profits takes place in ______ ratio.
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?
