A. B, C and D are partners. A, B and C desire that D should not participate in the conduct of the business of the firm. Can they prevent D? Post category:Accountancy Reading time:1 mins read SOLUTION No. Every partner is entitled to participate in the conduct of the affairs of the firm. 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 PostA and B jointly purchased a plot of land. Will they be called partners? Next PostAlka, Barkha and Charu are partners in a firm having no partnership agreement. Alka, Barkha and Charu contributed Rs. 2,00.000, Rs. 3.00,000 and Rs. 1,00,000 respectively. Alka and Barkha desire that the profits should be divided in the ratio of capital contribution. Charu does not agree to this. How will you settle the dispute? You Might Also Like Girish and Satish are partners in a firm. Their Capitals on April 1, 2018 were Rs. 5,60,000 and Rs. 4,75,000 respectively. On August 1, 2018 they decided that their Capitals should be Rs. 5,00,000 each. The necessary adjustment in the Capitals were made by introducing or withdrawing cash. Interest on Capital is allowed at 6% p.a. You are required to compute interest on Capital for the year ending March 31, 2019. July 8, 2022 The partnership deed is silent on payment of salary’ to partners. Amita, a partner claimed that since she managed the business, she should get a monthly salary of Rs. 10,000. Is she entitled for the salary? Give reason. September 26, 2022 X and Y entered into partnership on 1st April, 2017. Their capitals as on 1st April, 2018 were Rs. 2,00,000 and Rs. 1,50,000 respectively. On 1st October, 2018, X gave Rs. 50,000 as loan to the firm. As per the provisions of the partnership Deed: (i) 20% of Profits before charging interest on Drawings but after making appropriations to be transferred to General Reserve. (ii) Interest on capital at 12% p.a. and Interest on Drawings @ 10% p.a. (iii) X to get monthly salary of Rs. 5,000 and Y to get salary of Rs. 22,500 per quarter. (iv) X is entitled to a commission of 5% on sales. Sales for the year were Rs. 3,50,000. (v) Profit to be shared in the ratio of their capitals up to Rs. 1,75,000 and balance equally. Profit for the year ended 31st March, 2019 before allowing or charging interest was Rs. 4,61,000. The drawings of X and Y were Rs. 1,00,000 and Rs. 1,25,000 respectively. Pass the necessary Journal entries relating to appropriation out of profit. Prepare Profit and Loss Appropriation Account and the Partners’ Capital Accounts. July 21, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Girish and Satish are partners in a firm. Their Capitals on April 1, 2018 were Rs. 5,60,000 and Rs. 4,75,000 respectively. On August 1, 2018 they decided that their Capitals should be Rs. 5,00,000 each. The necessary adjustment in the Capitals were made by introducing or withdrawing cash. Interest on Capital is allowed at 6% p.a. You are required to compute interest on Capital for the year ending March 31, 2019. July 8, 2022
The partnership deed is silent on payment of salary’ to partners. Amita, a partner claimed that since she managed the business, she should get a monthly salary of Rs. 10,000. Is she entitled for the salary? Give reason. September 26, 2022
X and Y entered into partnership on 1st April, 2017. Their capitals as on 1st April, 2018 were Rs. 2,00,000 and Rs. 1,50,000 respectively. On 1st October, 2018, X gave Rs. 50,000 as loan to the firm. As per the provisions of the partnership Deed: (i) 20% of Profits before charging interest on Drawings but after making appropriations to be transferred to General Reserve. (ii) Interest on capital at 12% p.a. and Interest on Drawings @ 10% p.a. (iii) X to get monthly salary of Rs. 5,000 and Y to get salary of Rs. 22,500 per quarter. (iv) X is entitled to a commission of 5% on sales. Sales for the year were Rs. 3,50,000. (v) Profit to be shared in the ratio of their capitals up to Rs. 1,75,000 and balance equally. Profit for the year ended 31st March, 2019 before allowing or charging interest was Rs. 4,61,000. The drawings of X and Y were Rs. 1,00,000 and Rs. 1,25,000 respectively. Pass the necessary Journal entries relating to appropriation out of profit. Prepare Profit and Loss Appropriation Account and the Partners’ Capital Accounts. July 21, 2022