What can be the minimum number of partners in a firm? Post category:Accountancy Reading time:1 mins read SOLUTION Two. 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 PostThe business of a partnership firm may be carried on by all the partners or any one of them acting for all. One of the important implications of this statement is that every partner is entitled to participate in the conduct of the affairs of its business. State the second important implication of this statement. (C.B.S.E. 2020. Kerala) Next PostWhat is the maximum number of partners that a partnership firm can have? Name the Act that provides for the maximum number of partners in a partnership firm. You Might Also Like A, B and C were partners in a firm having capitals of Rs. 50,000; Rs. 50,000 and Rs. 1,00,000 respectively. Their Current Account balances were A: Rs. 10,000; B: Rs. 5,000 and C: Rs. 2,000 (Dr.). According to the Partnership Deed the partners were entitled to an interest on Capital @ 10% p.a. C being the working partner was also entitled to a salary of Rs. 12,000 p.a. The profits were to be divided as: (a) The first Rs. 20,000 in proportion to their capitals. (b) Next Rs. 30,000 in the ratio of 5: 3: 2. (c) Remaining profits to be shared equally. The firm earned net profit of Rs. 1,72,000 before charging any of the above items. Prepare Profit and Loss Appropriation Account and pass necessary Journal entry for the appropriation of profits. July 21, 2022 In the absence of provision in the partnership deed, in which ratio is the deficiency arising out of guarantee of profit to a partner born by the other partners? (C.B.S.E. 2019, Chennai) September 26, 2022 X, Y and Z were in partnership sharing profits and losses equally. ‘Y’ retires from the firm. After adjustments, his Capital Account shows a credit balance of Rs. 3,00,000 as on 1st April, 2016. Balance due to ‘Y’ is to be paid in three equal annual instalments along with interest @ 10% p.a. Prepare Y’s Loan Account until he is paid the amount due to him. The firm closes its books on 31st March every year. August 4, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
A, B and C were partners in a firm having capitals of Rs. 50,000; Rs. 50,000 and Rs. 1,00,000 respectively. Their Current Account balances were A: Rs. 10,000; B: Rs. 5,000 and C: Rs. 2,000 (Dr.). According to the Partnership Deed the partners were entitled to an interest on Capital @ 10% p.a. C being the working partner was also entitled to a salary of Rs. 12,000 p.a. The profits were to be divided as: (a) The first Rs. 20,000 in proportion to their capitals. (b) Next Rs. 30,000 in the ratio of 5: 3: 2. (c) Remaining profits to be shared equally. The firm earned net profit of Rs. 1,72,000 before charging any of the above items. Prepare Profit and Loss Appropriation Account and pass necessary Journal entry for the appropriation of profits. July 21, 2022
In the absence of provision in the partnership deed, in which ratio is the deficiency arising out of guarantee of profit to a partner born by the other partners? (C.B.S.E. 2019, Chennai) September 26, 2022
X, Y and Z were in partnership sharing profits and losses equally. ‘Y’ retires from the firm. After adjustments, his Capital Account shows a credit balance of Rs. 3,00,000 as on 1st April, 2016. Balance due to ‘Y’ is to be paid in three equal annual instalments along with interest @ 10% p.a. Prepare Y’s Loan Account until he is paid the amount due to him. The firm closes its books on 31st March every year. August 4, 2022
