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 Om and Shiv are partners in a firm sharing profits in the ratio of 4: 1. They decided to share future profits in the ratio of 3: 2 w.e.f. 1st April, 2022. On that day, Profit and Loss Account showed a debit balance of Rs. 1,00,000. Pass Journal entry to give effect to the above. October 28, 2022 How the goodwill is valued under the super profit’s method? September 26, 2022 X Ltd. has Current Ratio of 4.5 : 1 and a Quick Ratio of 3 : 1. If its inventory is Rs. 36,000, find out its total Current Assets and total Current Liabilities. August 12, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Om and Shiv are partners in a firm sharing profits in the ratio of 4: 1. They decided to share future profits in the ratio of 3: 2 w.e.f. 1st April, 2022. On that day, Profit and Loss Account showed a debit balance of Rs. 1,00,000. Pass Journal entry to give effect to the above. October 28, 2022
X Ltd. has Current Ratio of 4.5 : 1 and a Quick Ratio of 3 : 1. If its inventory is Rs. 36,000, find out its total Current Assets and total Current Liabilities. August 12, 2022