A claims 6% p.a. interest on his capital. Is his claim valid if partnership deed is silent in this matter? Post category:Accountancy Reading time:1 mins read SOLUTION He cannot claim any interest. 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 PostX has given a loan of Rs. 50,000 to the firm. He claims 10% p.a. interest. Is his claim valid in case partnership deed is silent in this matter? Next PostB has drawn Rs. 50,000 from the firm for his personal use during the year. Firm wants to charge 6% p.a. interest on this amount. Can the interest be charged, if partnership deed is silent in this matter? You Might Also Like Rohit, Kunal and Sarthak are partners in a firm. They decided to dissolve their firm. Pass necessary Journal entries for the following after various assets (other than Cash and Bank) and the third-party liability have been transferred to Realisation Account: (a) Kunal agreed to pay off his wife’s loan of Rs. 6,000. (b) Total Creditors of the firm were Rs. 40,000. Creditors worth Rs. 10,000 were given a piece of furniture costing Rs. 8,000 in full and final settlement. Remaining Creditors allowed a discount of 10% (c) Rohit had given a loan of Rs. 70,000 to the firm which was duly paid. (d) A machine which was not recorded in the books was taken over by Kunal at Rs. 3,000, whereas its expected value was Rs. 5,000. (e) The firm had a debit balance of Rs. 15,000 in the Profit and Loss Account on the date of dissolution. (f) Sarthak paid the realisation expenses of Rs. 16,000 out of his private funds, who was to get a remuneration of Rs. 15,000 for completing dissolution process and was responsible to bear all the realisation expenses. July 25, 2022 Raj Seema started a partnership firm on 1st july , 2018. They agreed that Seema was entitled to a commission of 10% of the net profit after agreed charging Raj’s salary of Rs. 2,500 per quarter and Seema’s commission. The net profit before charging Raj’s salary and Seema’s commission for the year ended 31st March, 2019 was Rs. 2,27,500. Calculate Seema’s commission. (C.B.S.E. 2019, Comptt.) September 26, 2022 From the following particulars, calculate Cash Flow from Investing Activities August 18, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Rohit, Kunal and Sarthak are partners in a firm. They decided to dissolve their firm. Pass necessary Journal entries for the following after various assets (other than Cash and Bank) and the third-party liability have been transferred to Realisation Account: (a) Kunal agreed to pay off his wife’s loan of Rs. 6,000. (b) Total Creditors of the firm were Rs. 40,000. Creditors worth Rs. 10,000 were given a piece of furniture costing Rs. 8,000 in full and final settlement. Remaining Creditors allowed a discount of 10% (c) Rohit had given a loan of Rs. 70,000 to the firm which was duly paid. (d) A machine which was not recorded in the books was taken over by Kunal at Rs. 3,000, whereas its expected value was Rs. 5,000. (e) The firm had a debit balance of Rs. 15,000 in the Profit and Loss Account on the date of dissolution. (f) Sarthak paid the realisation expenses of Rs. 16,000 out of his private funds, who was to get a remuneration of Rs. 15,000 for completing dissolution process and was responsible to bear all the realisation expenses. July 25, 2022
Raj Seema started a partnership firm on 1st july , 2018. They agreed that Seema was entitled to a commission of 10% of the net profit after agreed charging Raj’s salary of Rs. 2,500 per quarter and Seema’s commission. The net profit before charging Raj’s salary and Seema’s commission for the year ended 31st March, 2019 was Rs. 2,27,500. Calculate Seema’s commission. (C.B.S.E. 2019, Comptt.) September 26, 2022
