Can a partner be exempted from sharing the losses in a firm? If yes, under what circumstances? Post category:Accountancy Reading time:1 mins read SOLUTION Yes, if all partners agree that one or more of them shall not bear the losses. 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 PostGive the adjusting entry and the closing entry for recording commission allowed to a partner, when the firm follows the fixed capital method. (I.S.C. 2015) Next PostWhy is it that the Capital Account of a partner does not show a “Debit Balance’’ inspite of regular and consistent losses year after year? You Might Also Like State whether depreciation charged by a Company will result in inflow, outflow or no flow of Cash. October 4, 2022 Karan, Nakul and Asha were partners in a firm sharing profits and losses in the ratio 3: 2: 1. At the time of admission of a partner, the goodwill of the firm was valued at Rs. 2,00,000. The accountant of the firm passed the entry in the books of accounts and thereafter showed goodwill Rs. 2,00,000 as an asset in the Balance Sheet Is he correct in doing so? Why? (C.B.S.E Sample Paper, 2015) September 27, 2022 A and B are partners sharing profits in the ratio of 3: 2 with capitals of Rs. 50,000 and Rs. 30,000 respectively. Interest on capital is agreed @ 6% p.a. B is to be allowed an annual salary of Rs. 2,500. During the year profit prior to interest on capital but after charging B’s salary amounted to Rs. 12,500. A provision of 5% of the profits is to be made in respect of Manager’s Commission. July 21, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
State whether depreciation charged by a Company will result in inflow, outflow or no flow of Cash. October 4, 2022
Karan, Nakul and Asha were partners in a firm sharing profits and losses in the ratio 3: 2: 1. At the time of admission of a partner, the goodwill of the firm was valued at Rs. 2,00,000. The accountant of the firm passed the entry in the books of accounts and thereafter showed goodwill Rs. 2,00,000 as an asset in the Balance Sheet Is he correct in doing so? Why? (C.B.S.E Sample Paper, 2015) September 27, 2022
A and B are partners sharing profits in the ratio of 3: 2 with capitals of Rs. 50,000 and Rs. 30,000 respectively. Interest on capital is agreed @ 6% p.a. B is to be allowed an annual salary of Rs. 2,500. During the year profit prior to interest on capital but after charging B’s salary amounted to Rs. 12,500. A provision of 5% of the profits is to be made in respect of Manager’s Commission. July 21, 2022