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Question
Choose the Correct Answer.
A temporary partnership that is formed to complete a specific job doing a specified period of time is called ______
Options
Partnership-at-will
Particular partnership
Limited Partnership
Joint Venture
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Solution
A temporary partnership that is formed to complete a specific job doing a specified period of time is called Partnership-at-will.
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RELATED QUESTIONS
Partnership Deed is an _____ of Partnership.
Answer in one sentence only.
If the Partnership Deed is silent, in which ratio, the partners will share the profit or loss?
When Partnership Deed is silent, Partners share profits of the firm according to capital ratio.
Choose the Correct Answer.
The partnership deed also 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".
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 ______.
The branch of economics that deals with the allocation of resources.
- Micro economics
- Macro economics
- Econometrics
- None of these
When there is no partnership agreement between partners, the division of Profits takes place in ______ ratio.
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:
