What is meant by “Unlimited Liability of a Partner”? Post category:Accountancy Reading time:1 mins read SOLUTION The personal assets of the partner can be utilized for paying firm’s debts. 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 PostSix friends started a partnership business by investing Rs. 2.00,000 each. They decided to share profit equally. Name the terms by which they will be called individually and collectively. Next 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) You Might Also Like Name any two Companies are exempted from creating Redemption Reserve’ by the SEBI. September 30, 2022 A, B and C are partners sharing profits and losses in the ratio of 3: 2: 1. B died on 30th June, 2021. For the year ended 31st March, 2022, proportionate profit of 2021 is to be taken into consideration. During the year ended 31st March, 2022, bad debts of Rs. 2,000 had to be adjusted. Profit for the year ended 31st March, 2021 was Rs. 14,000 before adjustment of bad debts. Calculate B’s share of profit till the date of his death. August 5, 2022 A and B were partners in a firm sharing profits in the ratio of 3: 2. C and D were admitted as new partners. A sacrificed 1 / 4th of his share in favour of C and B sacrificed 50% of his share in favour of D. Calculate the new profit-sharing ratio of A, B, C and D. (C.B.S.E. 2019, Kerala) September 27, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Name any two Companies are exempted from creating Redemption Reserve’ by the SEBI. September 30, 2022
A, B and C are partners sharing profits and losses in the ratio of 3: 2: 1. B died on 30th June, 2021. For the year ended 31st March, 2022, proportionate profit of 2021 is to be taken into consideration. During the year ended 31st March, 2022, bad debts of Rs. 2,000 had to be adjusted. Profit for the year ended 31st March, 2021 was Rs. 14,000 before adjustment of bad debts. Calculate B’s share of profit till the date of his death. August 5, 2022
A and B were partners in a firm sharing profits in the ratio of 3: 2. C and D were admitted as new partners. A sacrificed 1 / 4th of his share in favour of C and B sacrificed 50% of his share in favour of D. Calculate the new profit-sharing ratio of A, B, C and D. (C.B.S.E. 2019, Kerala) September 27, 2022