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Question
Choose the Correct Answer.
The partnership deed also called ______
Options
Articles of Association
Articles of Partnership
Partnership Act
Partnership
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Solution
The partnership deed also called the Articles of Partnership.
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RELATED QUESTIONS
Define Partnership Deed.
Partnership Deed is an _____ of Partnership.
What is the meaning of Partnership Deed?
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".
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?
Which of the following is ont considered a tool for formative assessment?
Partners share profit & losses in ______ ratio in the absense of partnership deed.
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:
