State the ‘liability of a partner’ in a partnership firm.(C.B.S.E. 2019. Delhi) Post category:Accountancy Reading time:1 mins read SOLUTION Liability of partners is Unlimited and Several (i.e., personal assets can b utilized to pay off ‘the debts 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 PostAnkit, Bhanu and Charu are partners in a firm sharing profits and losses equally with capital of Rs. 2,50,000 each. On 1st October, 2021, Ankit and Bhanu gave loans of Rs. 2,50,000 each to the firm whereas Charu took a loan of Rs. 1,00,000 from the firm on the same date. It was agreed among the partners that Charu will be charged Interest @ 6% pa. Interest on loan from partners was paid on 10th April, 2022. The firm closes its books on 31st March each year. Pass the Journal entries in the books of the firm for the year ended 31st March, 2022. Next PostWhat is meant by ‘mutual agency’ in case of partnership? (C.B.S.E. 2019. Chennai) You Might Also Like What is meant by reconstitution of partnership firm? September 26, 2022 What is meant by Gaining Partners? September 26, 2022 Given below is the Balance Sheet of A and B, who are carrying on partnership business on 31st March, 2019. A and B share profits and losses in the ratio of 2 : 1. BALANCE SHEET OF A AND B as at 31st March, 2019 August 1, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Given below is the Balance Sheet of A and B, who are carrying on partnership business on 31st March, 2019. A and B share profits and losses in the ratio of 2 : 1. BALANCE SHEET OF A AND B as at 31st March, 2019 August 1, 2022