Give the two main rights acquired by the new partner. Post category:Accountancy Reading time:1 mins read SOLUTION (i)Right to share future profits of the firm, and (ii) Right to share the assets 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 PostAt the time of admission of a partner, who decides the share of profit of the new partner out of the firm’s profit? Next PostState any one purpose for admitting a new partner in a firm. You Might Also Like A and B are sharing profits and losses equally. With effect from 1st April, 2019, they agree to share profits in the ratio of 4 : 3. Calculate individual partner’s gain or sacrifice due to the change in ratio. July 27, 2022 Gross Profit at 25% on cost; Gross profit Rs. 5,00,000; Equity Share Capital Rs. 10,00,000; Reserves and Surplus Rs. 2,00,000; Long-term Loan Rs. 3,00,000; Fixed Assets (Net) Rs. 10,00,000. Calculate Working Capital Turnover Ratio August 16, 2022 Anshul and Asha are partners sharing profits and losses in the ratio of 3: 2. Anshul being a non-working partner contributed Rs. 8,00,000 as her capital. Asha being a working partner did not contribute capital. The partnership Deed provides for interest on capital @ 5% and salary to every working partner @ Rs. 2,000 per month. Net profit (before providing for interest on capital and partner’s salary) for the year ended 31st March, 2019 was Rs. 32,000. July 21, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
A and B are sharing profits and losses equally. With effect from 1st April, 2019, they agree to share profits in the ratio of 4 : 3. Calculate individual partner’s gain or sacrifice due to the change in ratio. July 27, 2022
Gross Profit at 25% on cost; Gross profit Rs. 5,00,000; Equity Share Capital Rs. 10,00,000; Reserves and Surplus Rs. 2,00,000; Long-term Loan Rs. 3,00,000; Fixed Assets (Net) Rs. 10,00,000. Calculate Working Capital Turnover Ratio August 16, 2022
Anshul and Asha are partners sharing profits and losses in the ratio of 3: 2. Anshul being a non-working partner contributed Rs. 8,00,000 as her capital. Asha being a working partner did not contribute capital. The partnership Deed provides for interest on capital @ 5% and salary to every working partner @ Rs. 2,000 per month. Net profit (before providing for interest on capital and partner’s salary) for the year ended 31st March, 2019 was Rs. 32,000. July 21, 2022