How are mutual relations of partners governed in the absence of Partnership Deed? Post category:Accountancy Reading time:1 mins read SOLUTION In the absence of a ‘Partnership Deed’, mutual relations of partners’ are governed according to Partnership Act, 1932. 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 PostWhat is partnership deed? Next PostState the provisions of Indian Partnership Act regarding the payment of remuneration to a partner for the services rendered. You Might Also Like State the basis of calculating the amount of profit payable to the legal representative of a deceased partner in the year of death. (C.B.S.E. 2019) October 8, 2022 Simran and Reema are partners sharing profits in the ratio of 3: 2. Their capitals as on 31st March, 2018 were Rs. 2,00,000 each whereas Current Accounts had balances of Rs. 50,000 and Rs. 25,000 respectively interest is to be allowed @ 5% p.a. on balances in Capital Accounts. The firm earned net profit of Rs. 3,00,000 for the year ended 31st March, 2019. Pass the Journal entries for interest on capital and distribution of profit. Also prepare Profit and Loss Appropriation Account for the year. July 21, 2022 The Balance Sheet of X, Y and Z who share profits and losses in the ratio of 3 : 2 : 1, as on 1st April, 2019 is as follows: August 2, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
State the basis of calculating the amount of profit payable to the legal representative of a deceased partner in the year of death. (C.B.S.E. 2019) October 8, 2022
Simran and Reema are partners sharing profits in the ratio of 3: 2. Their capitals as on 31st March, 2018 were Rs. 2,00,000 each whereas Current Accounts had balances of Rs. 50,000 and Rs. 25,000 respectively interest is to be allowed @ 5% p.a. on balances in Capital Accounts. The firm earned net profit of Rs. 3,00,000 for the year ended 31st March, 2019. Pass the Journal entries for interest on capital and distribution of profit. Also prepare Profit and Loss Appropriation Account for the year. July 21, 2022
The Balance Sheet of X, Y and Z who share profits and losses in the ratio of 3 : 2 : 1, as on 1st April, 2019 is as follows: August 2, 2022