Is a sleeping* partner liable to the acts of other partners? Post category:Accountancy Reading time:1 mins read SOLUTION Yes, sleeping partner is liable to the acts of other partners. 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 PostState the provisions of Indian Partnership Act regarding the payment of remuneration to a partner for the services rendered. Next PostIn the absence of partnership deed, what is the ratio in which the profits of a firm are divided among the partners? You Might Also Like Mention two items that may appear on the debit side of a Partner’s Fixed Capital Account. September 23, 2022 Name an item which is transferred to credit side of Realisation Account at the time of dissolution of partnership firm, but does not involve cash payment. (C.B.S.E. 2020) October 8, 2022 Prem and Manoj are partners in a firm sharing profits in the ratio of 3: 2. The Partnership Deed provided that Prem was to be paid salary of Rs. 2,500 per month and Manoj was to ger a commission of Rs. 10,000 per year. Interest on capital was to be allowed @ 5% p.a. and interest on drawings was to be charged @ 6% p.a. Interest on Prem’s drawings was Rs. 1,250 and on Manoj’s drawings was Rs. 425. Interest on Capitals of the partners were Rs. 10,000 and Rs. 7,500 respectively. The firm earned a profit of Rs. 90,575 for the year ended 31st March, 2018. Prepare Profit and Loss Appropriation Account of the firm. July 20, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Mention two items that may appear on the debit side of a Partner’s Fixed Capital Account. September 23, 2022
Name an item which is transferred to credit side of Realisation Account at the time of dissolution of partnership firm, but does not involve cash payment. (C.B.S.E. 2020) October 8, 2022
Prem and Manoj are partners in a firm sharing profits in the ratio of 3: 2. The Partnership Deed provided that Prem was to be paid salary of Rs. 2,500 per month and Manoj was to ger a commission of Rs. 10,000 per year. Interest on capital was to be allowed @ 5% p.a. and interest on drawings was to be charged @ 6% p.a. Interest on Prem’s drawings was Rs. 1,250 and on Manoj’s drawings was Rs. 425. Interest on Capitals of the partners were Rs. 10,000 and Rs. 7,500 respectively. The firm earned a profit of Rs. 90,575 for the year ended 31st March, 2018. Prepare Profit and Loss Appropriation Account of the firm. July 20, 2022