In the absence of any provision in the partnership deed, at what rate is a working partner entitled for remuneration? Post category:Accountancy Reading time:1 mins read SOLUTION In the absence of any provision in the partnership deed, no partner is entitled for any remuneration. 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 share of profits would a ‘sleeping partner’ who has contributed 75% of the Total Capital get in the absence of a deed? Next PostList any two circumstances under which the fixed capital of partners may change. You Might Also Like Lal and Pal were partners in a firm sharing profits in the ratio of 3 : 7. On 1st April, 2015 their firm was dissolved. After transferring assets (other than cash) and outsider’s liabilities to Realisation Account, you are given the following information: (a) A creditor of Rs. 3,60,000 accepted machineries valued at Rs. 5,00,000 and paid to the firm Rs. 1,40,000. (b) A second creditor for Rs. 50,000 accepted stock at Rs. 45,000 in full settlement of his claim. (c) A third creditor amounting to Rs. 90,000 accepted Rs. 45,000 in cash and investments worth Rs. 43,000 in full settlement of his claim. (d) Loss on dissolution was Rs. 15,000. Pass necessary Journal entries for the above transactions in the books of firm assuming that all payments were made by cheque. July 25, 2022 X and Y are partners sharing profits in fee ratio of 3: 1. They admit Z as a partner. X surrenders l / 3rd of his share and Y l / 4th of his share in favour of Z. What will be the new profit-sharing ratio? September 26, 2022 Mandeep, Vinod and Abbas are partners sharing profits and losses in the ratio of 3: 2: 1. From 1st April, 2022 they decided to share profits equally. The Partnership Deed provides that in the event of any change in profit-sharing ratio, goodwill shall be valued at three years’ purchase of average profit of last five years. The profits and losses of past five years are: Profit: Year ended 31st March, 2018: Rs. 1,00,000; 2019: Rs. 1,50,000; 2021: Rs. 2,00,000; 2022: Rs. 2,00,000. Loss: Year ended 31st March, 2020: Rs. 50,000. Pass the Journal entry showing the working. October 18, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Lal and Pal were partners in a firm sharing profits in the ratio of 3 : 7. On 1st April, 2015 their firm was dissolved. After transferring assets (other than cash) and outsider’s liabilities to Realisation Account, you are given the following information: (a) A creditor of Rs. 3,60,000 accepted machineries valued at Rs. 5,00,000 and paid to the firm Rs. 1,40,000. (b) A second creditor for Rs. 50,000 accepted stock at Rs. 45,000 in full settlement of his claim. (c) A third creditor amounting to Rs. 90,000 accepted Rs. 45,000 in cash and investments worth Rs. 43,000 in full settlement of his claim. (d) Loss on dissolution was Rs. 15,000. Pass necessary Journal entries for the above transactions in the books of firm assuming that all payments were made by cheque. July 25, 2022
X and Y are partners sharing profits in fee ratio of 3: 1. They admit Z as a partner. X surrenders l / 3rd of his share and Y l / 4th of his share in favour of Z. What will be the new profit-sharing ratio? September 26, 2022
Mandeep, Vinod and Abbas are partners sharing profits and losses in the ratio of 3: 2: 1. From 1st April, 2022 they decided to share profits equally. The Partnership Deed provides that in the event of any change in profit-sharing ratio, goodwill shall be valued at three years’ purchase of average profit of last five years. The profits and losses of past five years are: Profit: Year ended 31st March, 2018: Rs. 1,00,000; 2019: Rs. 1,50,000; 2021: Rs. 2,00,000; 2022: Rs. 2,00,000. Loss: Year ended 31st March, 2020: Rs. 50,000. Pass the Journal entry showing the working. October 18, 2022