Give the meaning of ‘Liability of Partners’ as a feature of partnership. (C.B.S.E 2020) Post category:Accountancy Reading time:1 mins read SOLUTION The liability of partners is unlimited jointly and severally. 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 PostWhat is the status of partnership firm from an accounting viewpoint? Next PostWhat is the minimum number of partners a firm should have? You Might Also Like Assuming That the Debt-to-Equity Ratio is 2 : 1, state giving reasons, which of the following transactions would (i) increase; (ii) Decrease; (iii) Not alter Debt to Equity Ratio: (i) Issue of new shares for cash. (ii) Conversion of debentures into equity shares (iii) Sale of a fixed asset at profit. (iv) Purchase of a fixed asset on long-term deferred payment basis. (v) Payment to creditors. August 12, 2022 Light Lamps Ltd. issued 50,000 shares of Rs. 10 each as fully paid-up to the promoters for their services to set-up the company. It also issued 2,000 shares of Rs. 10 each credited as fully paid-up to the underwriters of shares for their services. journalise these transactions July 14, 2022 P, Q and R entered into partnership on 1st April, 2018 to share profits and losses in the ratio of 12: 8: 5. It was provided that in no case R’s share in profit be less then Rs. 30,000 p.a. The profits and losses for the period ended 31st March were: 2020 Profit Rs. 1,20,000 2021 Profit Rs. 1,80,000; 2022 Loss Rs. 1,20,000. Pass the necessary Journal entries in the books of the firm. October 18, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Assuming That the Debt-to-Equity Ratio is 2 : 1, state giving reasons, which of the following transactions would (i) increase; (ii) Decrease; (iii) Not alter Debt to Equity Ratio: (i) Issue of new shares for cash. (ii) Conversion of debentures into equity shares (iii) Sale of a fixed asset at profit. (iv) Purchase of a fixed asset on long-term deferred payment basis. (v) Payment to creditors. August 12, 2022
Light Lamps Ltd. issued 50,000 shares of Rs. 10 each as fully paid-up to the promoters for their services to set-up the company. It also issued 2,000 shares of Rs. 10 each credited as fully paid-up to the underwriters of shares for their services. journalise these transactions July 14, 2022
P, Q and R entered into partnership on 1st April, 2018 to share profits and losses in the ratio of 12: 8: 5. It was provided that in no case R’s share in profit be less then Rs. 30,000 p.a. The profits and losses for the period ended 31st March were: 2020 Profit Rs. 1,20,000 2021 Profit Rs. 1,80,000; 2022 Loss Rs. 1,20,000. Pass the necessary Journal entries in the books of the firm. October 18, 2022