Q4. …. is a written document containing the duration of the partnership agreement. One. Article of memorandum b. Deed of Partnership v. LLP d. Journal Response: Partnership Deed This chapter is also known as accounting for the basic concepts (basics) of partnerships according to the NCERT book. 6. Which of the following characteristics is not the characteristic of the partnership — (A) Agreement The share of a partner in a partnership is binding on all partners. Q9. Ram & Sham are partners who share profits and losses in a 3:2 ratio.
Ram, who is an inactive partner, contributes Rs. 20,00,000 as his capital and Shyam is a working group, receives a salary of Rs. 8000 per month. According to the company deed, interest of 8% per year is paid and the salary is allowed. Profit before provision for the year ended March 31, 2015 was Rs. 80,000. The shared benefit should be: a. Ram 40000 and Shyam 40000 b. Ram 50000 and Shyam 30000 c. Ram 30000 and Shyam 50000 d.
Ram 60000 and Shyam 20000 Answer: Ram 50000 and Shyam 30000 Q28. The statutes may be a. Oral b. written c. A and b d. None of these answers: a and b Q21. Amit, Sumit and Samiksha share the winnings at a ratio of 3:2:1. Samiksha`s share of the prize was guaranteed by Amit and Sumit at a minimum sum of Rs 8,000. Profit for the year ended March 31, 2017 was Rs 36,000. The profit under Amit, Sumit, Samiksha is each: a. 12000, 12000, 12000 b. 10000, 20000, 6000 c.
20000, 10000, 6000 d. 16800, 11200, 8000 Answer: 16800; 11200; 8000 X, Y and Z are partners who share the profits in a ratio of 3:2:1. The partnership agreement provides for interest on the principal at 8% per annum and a salary for Y of ₹8,000 per year. The net profit for the year 2020-21 was ₹84,000 and the partner`s capital account balances during the year were: In a partnership, the partners receive a commission from Mohan draws ₹ 10,000 p.m. on the last day of each month for his personal use. If interest of 5% per annum is to be charged, the interest to be charged by him during the financial year is 17. When will the Partnerships Act come into force? (A) if there is no company title (B) if there is a company deed, but there is disagreement between the partners (C) if the capital contribution of the partners varies (D) if the partner`s salary and the partner`s interest in the capital are not included in the Q3 company deed. The minimum and maximum number of partners in a partnership is a.
2 and 49 b. 3 and 50 c. 2 and 50 d. 2 and 100 Answer: 2 and 50 questions. Would an 8-member run ”non-profit pharmacy” be considered a partnership? Give reasons to support your answer. 73. Pay A and B ₹1,00,000 and ? ₹60,000 in a partnership as capital, on which they undertake to admit interest at the rate of 8% per annum. Your profit or loss sharing ratio is 3:2. Profit at the end of the year was ₹2,800 before interest was allowed on the principal.
If there is a clear agreement that capital interest will also be paid in the event of a loss, S`s share will be: (A) profit ₹6,000 (B) profit ₹4,000 (C) loss ₹6,000 (D) loss ₹4,000 Q1. The main features of the partnership do not include a. The result of an agreement b. Separation of the existence of its members v. Profit sharing d. Two or more people Answer: Existence separate from their members (a) Limited(b) Unlimited(c) Determined by partnerships Account(d) None of them choose the best alternative and count your answer with the answers at the end of the book: (i) Characteristics or characteristics of the partnership 1. The characteristics of a partnership are: (A) Two or more persons conduct joint business under an agreement. (B) You share profits and losses in the fixed quota. (C) Transactions are carried out by all or part of them acting as agents for all. (D) All of the above. In the absence of a company deed, the partner ___ receives a larger share of the profits. Question.
The act of the company is silent on the payment of salary to shareholders. Amita, a partner, said that since she runs the business, she should receive a monthly salary of ₹10,000. Is she entitled to the salary? A and B are partners in a partnership without agreement. A withdrew ₹ 50,000 ₹ from its capital in the form of subscriptions. Interest on subscriptions may be charged by A of the company: Question. A group of 40 people wants to create a partnership company. You want your advice regarding the maximum number of people who can be present in a partnership and the name of the deed in which these provisions are included. 5. In a partnership, profits and losses are shared – (A) Equally 20. A and B are partners in a partnership without agreement.
A granted the company a loan of ₹50,000. At the end of the year, losses were incurred in the company. The following interest can be paid by the company to A: (A) @ 5% per year (B) @ 6% per year (C) @ 6% per month (D) As there is a loss in the company, no interest can be paid X and Y are partners in the 3:2 ratio. Its capitals are ₹2,000,000 and ₹1,00,000 respectively. The company generated a profit of ₹15,000 for the year ended March 31, 2019. According to the partnership agreement, interest on capital is treated as a charge on profits. The interest on the capital will be: Q32. The persons who entered into the partnership are individually called a. Partner b. Cabinet c.
Association d. None of these answers: Partners under the Indian Partnerships Act, 1932, If a partnership deed does not exist, the partners receive a question. Six friends started a partnership venture by investing 2,000,000 each. They decided to share the profits equally. Name the terms that call them individually and collectively. 9. The number of partners in a partnership may be: (A) Maximum Two (B) Maximum Ten (C) Maximum One Hundred (D) Maximum Fifty In the partnership enterprise, the liability of the partner is: – 31. On 1 June 2018, a partner of the firm introduced an additional capital of ₹50,000. In the absence of a company deed, he will receive interest on March 31, 2019: (A) ₹3,000 (B) zero (C) ₹2,500 (D) ₹1,800 question. The partner who provides capital and profit and loss shares in the partnership business but is not actively involved in the management is called :(a) Active Partner (b) Dormant Partner (c) Secret Partner (d) Limited Partner Question. The maximum number of partners allowed in a partnership is __ 4. Which of the following statements is true? (A) a minor cannot be admitted as a partner (B) a minor may be admitted as a partner, only in the benefits of the company (C) a minor can be admitted as a partner, but his rights and responsibilities are the same as the adult partner (D) none of the Ram, Raghav and Raghu above are associated in the fixed profit participation in report 5: 3: 2.
According to the partnership deed, Raghu is to receive a minimum amount of ₹10,000 as profit. .