Kavita and Laxmi run a charitable dispensary. Kavita wants to have a partnership deed. What is your opinion? Post category:Accountancy Reading time:1 mins read SOLUTION They need not have a partnership deed because the activity they are carrying is charitable in nature. There is no business and sharing of profits. 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 PostIn the absence of partnership deed, at which rate interest is allowed on a partner’s loan? Next PostWhat is meant by fixed capital of partners? You Might Also Like Name any one line item that can be shown under the major heading “Assets” in a Company’s Balance Sheet. September 30, 2022 X, Y and Z are partners sharing profits and losses in the ratio of 5: 3: 2. From 1st April, 2022, they decided to share profits and losses equally. The Partnership Deed provides that in the event of any change in the profit-sharing ratio, the goodwill should be valued at two years’ purchase of the average profit of the preceding five years. The profits and losses of the preceding years ended 31st March, are: October 18, 2022 How does the market situation affect the value of goodwill of a firm? September 26, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Name any one line item that can be shown under the major heading “Assets” in a Company’s Balance Sheet. September 30, 2022
X, Y and Z are partners sharing profits and losses in the ratio of 5: 3: 2. From 1st April, 2022, they decided to share profits and losses equally. The Partnership Deed provides that in the event of any change in the profit-sharing ratio, the goodwill should be valued at two years’ purchase of the average profit of the preceding five years. The profits and losses of the preceding years ended 31st March, are: October 18, 2022