What is the minimum number of partners a firm should have? Post category:Accountancy Reading time:1 mins read SOLUTION There should be at least 2 persons to form a partnership. 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 PostGive the meaning of ‘Liability of Partners’ as a feature of partnership. (C.B.S.E 2020) 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. (Delhi 2016) You Might Also Like Murli, Naveen and Omprakash are partners sharing profits in the ratio of 3/8, 1/2 and 1/8. Murli retires and surrenders 2/3rd of his share in favour of Naveen and remaining share in favour of Omprakash. Calculate new profit-sharing ratio and gaining ratio of the remaining partners. August 3, 2022 Rohit, Kunal and Sarthak are partners in a firm. They decided to dissolve their firm. Pass necessary Journal entries for the following after various assets (other than Cash and Bank) and the third-party liability have been transferred to Realisation Account: (a) Kunal agreed to pay off his wife’s loan of Rs. 6,000. (b) Total Creditors of the firm were Rs. 40,000. Creditors worth Rs. 10,000 were given a piece of furniture costing Rs. 8,000 in full and final settlement. Remaining Creditors allowed a discount of 10% (c) Rohit had given a loan of Rs. 70,000 to the firm which was duly paid. (d) A machine which was not recorded in the books was taken over by Kunal at Rs. 3,000, whereas its expected value was Rs. 5,000. (e) The firm had a debit balance of Rs. 15,000 in the Profit and Loss Account on the date of dissolution. (f) Sarthak paid the realisation expenses of Rs. 16,000 out of his private funds, who was to get a remuneration of Rs. 15,000 for completing dissolution process and was responsible to bear all the realisation expenses. July 25, 2022 Mention two ratios in which one figure is from Profit and Loss Account and one from Balance Sheet. October 3, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Murli, Naveen and Omprakash are partners sharing profits in the ratio of 3/8, 1/2 and 1/8. Murli retires and surrenders 2/3rd of his share in favour of Naveen and remaining share in favour of Omprakash. Calculate new profit-sharing ratio and gaining ratio of the remaining partners. August 3, 2022
Rohit, Kunal and Sarthak are partners in a firm. They decided to dissolve their firm. Pass necessary Journal entries for the following after various assets (other than Cash and Bank) and the third-party liability have been transferred to Realisation Account: (a) Kunal agreed to pay off his wife’s loan of Rs. 6,000. (b) Total Creditors of the firm were Rs. 40,000. Creditors worth Rs. 10,000 were given a piece of furniture costing Rs. 8,000 in full and final settlement. Remaining Creditors allowed a discount of 10% (c) Rohit had given a loan of Rs. 70,000 to the firm which was duly paid. (d) A machine which was not recorded in the books was taken over by Kunal at Rs. 3,000, whereas its expected value was Rs. 5,000. (e) The firm had a debit balance of Rs. 15,000 in the Profit and Loss Account on the date of dissolution. (f) Sarthak paid the realisation expenses of Rs. 16,000 out of his private funds, who was to get a remuneration of Rs. 15,000 for completing dissolution process and was responsible to bear all the realisation expenses. July 25, 2022
Mention two ratios in which one figure is from Profit and Loss Account and one from Balance Sheet. October 3, 2022
