What share of profits would a ‘sleeping partner’ who has contributed 75% of the Total Capital get in the absence of a deed? Post category:Accountancy Reading time:1 mins read SOLUTION Equal share of profits. Please Share This Share this content Opens in a new window X Opens in a new window Facebook Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostWhy is it important, to have a partnership deed in writing? Next PostIn the absence of any provision in the partnership deed, at what rate is a working partner entitled for remuneration? You Might Also Like Following differences have arisen among P, Q and R. State who is correct in each case: (a) P used Rs. 20,000 belonging to the firm and made a profit of Rs. 5,000. Q and R want the amount to be given to the firm? (b) Q used Rs. 5,000 belonging to the firm and suffered a loss of Rs. 1000. He wants the firm to bear the loss? (c) P and Q want to purchase goods from A Ltd., R does not agree? (d) Q and R want to admit C as partner, P does not agree? (e) R had given loan of Rs. 1,00,000 to firm and demands interest @ 10% p.a. P and Q do not want to pay the interest. July 20, 2022 JCV Ltd., forfeited 200 shares of Rs. 10 each issued at a premium of Rs. 2 per share for the non-payment of allotment money of Rs. 3 per share (including premium). The first and final call of Rs. 4 per share has not been made as yet. 50% of the forfeited shares were reissued at Rs. 8 per share as fully paid-up. Pass necessary Journal entries for the forfeiture and reissue of shares. July 15, 2022 Global Ltd. issued 10,000, 8% Debentures of Rs. 100 each redeemable in four equal instalments by draw of lots from the end of 3 years at a premium of Rs. 9. Pass the Journal entries for writing off the Loss on Issue of Debentures. Also prepare Loss on issue of Debentures Account. July 18, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Following differences have arisen among P, Q and R. State who is correct in each case: (a) P used Rs. 20,000 belonging to the firm and made a profit of Rs. 5,000. Q and R want the amount to be given to the firm? (b) Q used Rs. 5,000 belonging to the firm and suffered a loss of Rs. 1000. He wants the firm to bear the loss? (c) P and Q want to purchase goods from A Ltd., R does not agree? (d) Q and R want to admit C as partner, P does not agree? (e) R had given loan of Rs. 1,00,000 to firm and demands interest @ 10% p.a. P and Q do not want to pay the interest. July 20, 2022
JCV Ltd., forfeited 200 shares of Rs. 10 each issued at a premium of Rs. 2 per share for the non-payment of allotment money of Rs. 3 per share (including premium). The first and final call of Rs. 4 per share has not been made as yet. 50% of the forfeited shares were reissued at Rs. 8 per share as fully paid-up. Pass necessary Journal entries for the forfeiture and reissue of shares. July 15, 2022
Global Ltd. issued 10,000, 8% Debentures of Rs. 100 each redeemable in four equal instalments by draw of lots from the end of 3 years at a premium of Rs. 9. Pass the Journal entries for writing off the Loss on Issue of Debentures. Also prepare Loss on issue of Debentures Account. July 18, 2022
