What is partnership deed? Post category:Accountancy Reading time:1 mins read SOLUTION Partnership deed is a written agreement containing the terms and conditions agreed by the partners. 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 PostA partnership firm has 50 members. All the partners have agreed to admit Ram and Mohan as new partners. Can Ram and Mohan be admitted? Give Reason in support of your answer. (C.B.S.E. Sample Paper, 2017) Next PostHow are mutual relations of partners governed in the absence of Partnership Deed? You Might Also Like A, B and C were partners. Their fixed capitals were Rs 60,000, Rs. 40,000 and Rs. 20,000 respectively. Their profit-sharing ratio was 2 : 2 : 1. According to the Partnership Deed, they were entitled to interest on capital @ 5% p.a. In addition, B was also entitled to draw a salary of Rs. 1,500 per month. C was entitled to a commission of 5% on the profits after charging the interest on capital, but before charging the salary payable to B. The net profits for the year, Rs. 80,000, were distributed in the ratio of their capitals without providing for any of the above adjustments. Showing your workings clearly, pass the necessary adjustment entry. July 22, 2022 What can be the minimum number of partners in a firm? September 23, 2022 In the Balance Sheet Total Debtors appear at Rs. 50,000 and Provision for Doubtful Debts appear at Rs. 1,500. How much amount will be realised from Debtors, if bad debts amount to Rs. 10,000 and remaining debtors are realised at a discount of 5%. September 27, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
A, B and C were partners. Their fixed capitals were Rs 60,000, Rs. 40,000 and Rs. 20,000 respectively. Their profit-sharing ratio was 2 : 2 : 1. According to the Partnership Deed, they were entitled to interest on capital @ 5% p.a. In addition, B was also entitled to draw a salary of Rs. 1,500 per month. C was entitled to a commission of 5% on the profits after charging the interest on capital, but before charging the salary payable to B. The net profits for the year, Rs. 80,000, were distributed in the ratio of their capitals without providing for any of the above adjustments. Showing your workings clearly, pass the necessary adjustment entry. July 22, 2022
In the Balance Sheet Total Debtors appear at Rs. 50,000 and Provision for Doubtful Debts appear at Rs. 1,500. How much amount will be realised from Debtors, if bad debts amount to Rs. 10,000 and remaining debtors are realised at a discount of 5%. September 27, 2022