A and B Are Partners in a Firm without Any Agreement

113. Guarantee granted to Partner “A” by other Partners “B&C” means: (A) In the event of loss, “A” will not contribute to such loss. (B) In the event of insufficient profits, “A” shall receive only the minimum amount of the security. (C) In the event of loss or loss of profits, “A” withdraws the minimum amount of the guarantee. (D) All of the above. 2.In to pay each shareholder what he is entitled to from the company for advances as opposed to capital: 11. Which of the following is NOT an essential feature of a partnership? (A) There must be an agreement (B) There must be an agreement (C) The business must be conducted for profit (D) The business must be managed by all partners (vii) Adjustments in closed accounts 100. Anu and Tanu are equal partners with a fixed capital of ₹2,00,000 and ₹1,00,000 respectively. After the closing of the accounts for the year ending March 31, 2019, it was found that the interest on the capital @ 8% per year.

were not provided. In the corrective entry: (A) Anu is charged with ₹16,000 and Tanu with ₹8,000 (B) Anu with ₹16,000 and Tanu with ₹8,000 (C) Anu is charged ₹4,000 and Tanu with ₹4,000 (D) Anu is charged ₹4,000 (D) Anu is charged ₹4,000 and Tanu with ₹4,000, provided that the company is in no way linked to the shares of a partner that has gone bankrupt; however, this reservation does not affect the liability of a person who represented himself after the bankruptcy or who knowingly suffered to be represented as a partner of the bankrupt debtor. In the latter case, the company will be dissolved from the date specified in the notification as the date of dissolution or, if no date is specified, from the date of notification. 105. X and 7 are partners in a 3:2 ratio. Their private equity is ₹2,000,000 and ₹1,00,000 respectively. After the closing of the accounts for the 31st. In March 2019, it was determined that capital interest of 12% instead of 10% per year was allowed.

How much amount A will be debited/credited in the correction entry: (A) ₹600 (debit) (B) ₹400 (credit) (C) ₹400 (debit) (D) ₹600 (credit) 7. The relationship of the partner with the company is that of: (A) an owner (B) an agent (C) an owner and an agent (D) managing if one partner has paid a premium to another when entering into a partnership for a certain period of time and the partnership is dissolved before the end of that period, except on the death of a partner, the Court may order the repayment of the premium or part thereof which it considers justified, taking into account the conditions of the articles of association and the duration of the company`s continuity; except 45. A company`s net profit is ₹49,500. The manager is entitled to a commission of 10% on the profit before calculating his commission. The manager`s commission is as follows: (A) ₹4,950 (B) ₹4,500 (C) ₹5,500 (D) ₹495 (2) Provided that if the partnership agreement grants the surviving or continuing partners an option to purchase the shares of a deceased or departing partner and this option is properly exercised, the estate of the deceased partner or outgoing partner or his estate, may not be entitled to additional or other profit-sharing; however, if a Partner who intends to act in the exercise of the Option does not comply with the Terms in all material respects, it will be liable in accordance with the foregoing provisions of this Section. If, as a result of an unlawful act or omission by a Partner acting in the ordinary course of the Company`s business or with the authority of its co-partners, a loss, injury or penalty is inflicted on a person who is not a partner of the Company, the Company shall be liable to the same extent as the Partner who acts or fails to act in that manner. 2. The following are essential elements of a partnership, with the exception of: (CPT; June 2012) (A) At least two persons (B) There is an agreement between all the partners (C) Equal share of the result (D) A partnership agreement exists for some companies.

(2) This section also applies to transactions that occur after the dissolution of a partnership by the death of a partner and before the affairs have been fully settled, either by a surviving partner or by the representatives of the deceased partner. (b)the partnership has been dissolved by an agreement which does not provide for the reimbursement of part of the premium. (3) A partner who makes an actual payment or an advance payment for the purposes of the corporation that exceeds the amount of principal agreed upon by the partner is entitled to accrue interest at the rate of five per cent. per year from the date of payment or advance. is not a partnership within the meaning of this Act. 106. X, Y and Z are equal partners with a fixed capital of ₹2,00,000, ₹3,00,000 and ? 4.00.000. After the closing of the accounts for the year ending March 31, 2019, it was found that the interest on the capital @ 8% per year. were not provided. In the corrective entry: (A) Dr.

X and Cr. Y by ₹8,000 (B) Cr. X and Dr. Z by ₹8,000 (C) Dr. X and Cr. Z by ₹8,000 (D) Cr. X and Dr. Y by ₹8,000 Partners may agree to participate in profits and losses based on their share of ownership, or this division may be allocated to each partner in equal shares regardless of the shareholding. It is necessary that these conditions are clearly described in the partnership contract in order to avoid conflicts throughout the life of the company. The partnership agreement should also dictate when profit can be derived from the company.

(2) The continuation of the activity by the partners or one of them who has habitually acted in it for the duration without any regulation or liquidation of the affairs of the company is presumed to be a continuation of the company. (1) In the application of this Act to Scotland, the bankruptcy of a company or individual means seizure under the Bankruptcy (Scotland) Acts and also, in the case of a person, the issue of a cessio bonorum Order against him. 124. A and B are partners in a company. They are entitled to interest on their capital, but the net profit was not sufficient for this interest, then the net profit is distributed among the partners in: (CPT, December 2012) (A) Agreed ratio (B) Profit sharing ratio (C) Capital ratio (D) Uniform 4. Which of the following statements is true? (A) a minor cannot be admitted as a partner (B) a minor may be admitted as a partner, only for the benefit of the company (C) a minor may be admitted as a partner, but his rights and responsibilities are the same as the adult partner (D) none of the above (b) the assets of the company, including amounts, if any, the members` contribution to offset capital losses or deficits shall be applied in the following manner and in the following order: (2) Nothing in this section shall prevent the continuation and recovery of trust funds by the Corporation if they are still in its possession or control. (2) If the company was originally created by means of documents, a written notification signed by the shareholder shall suffice. 114. P, Q and R are partners in a 3:2:1 business. R is guaranteed to receive at least ₹20,000 each year as profit sharing. The company`s profit was ₹90,000. Partners received: (A) P ₹40,000; Q ₹30,000; R20,000; (b) P ₹42,500; Q ₹27,500; R20,000; (c) P ₹45,000; Q ₹30,000; R ₹15,000; (d) P ₹ 42,000; Q ₹28,000; R20,000; Choose the best alternative and count your answer with the answers at the end of the book: (i) Characteristics or characteristics of the partnership 1.

The characteristics of a partnership company are: (A) Two or more persons conduct joint business under an agreement. (B) You share profits and losses in the fixed quota. (C) Transactions are carried out by all or part of them acting as agents for all. (D) All of the above. 37. Which of the following are recognised in a partnership`s income statement? (A) Interest on capital (B) Salary to partner (C) Transfer to reserve (D) All of the above (1) A person who is admitted as a partner in an existing company is therefore not liable to the creditors of the company for anything done before his appointment as a partner. (a) in the ordinary and orderly management of the affairs of the company; or (5) Any partner may participate in the management of the partnership enterprise. 1. All members shall have the right to share equally the capital and profits of the undertaking and shall contribute equally to the losses, whether capital or otherwise of the undertaking. .

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