In the absence of any provision in the partnership deed, at what rate is a working partner entitled for remuneration? Post category:Accountancy Reading time:1 mins read SOLUTION In the absence of any provision in the partnership deed, no partner is entitled for any remuneration. 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 share of profits would a ‘sleeping partner’ who has contributed 75% of the Total Capital get in the absence of a deed? Next PostList any two circumstances under which the fixed capital of partners may change. You Might Also Like A, B and C are partners sharing profits and losses in the ratio of 2 : 3 : 5. On 31st March, 2019, their Balance Sheet was: August 2, 2022 Charles Ltd. earned a profit of Rs. 1,00,000 after charging depreciation of 20,000 on assets and a transfer to General Reserve of Rs. 30,000. Goodwill amortised was Rs. 7,000, and gain on sale of machinery was Rs. 3,000. Other information available is (changes in the value of Current Assets and Current Liabilities): trade receivables showed an increase of Rs. 3,000; trade payables an increase of Rs. 6,000; Prepaid expenses an increase of Rs. 200; and outstanding expenses a decrease of Rs. 2,000. Ascertain Cash Flow from Operating Activities. August 18, 2022 A and B are partners in a firm sharing profits in the ratio of 2 : 1. They decided with effect from 1st April, 2018, that they would share profits in the ratio of 3 : 2. But, this decision was taken after the profit for the year ended 31st March, 2019 of Rs. 90,000 was distributed in the old ratio. The profits for the year ended 31st March, 2017 and 2018 were Rs. 60,000 and Rs. 75,000 respectively. It was decided that Goodwill Account will not be opened in the books of the firm and necessary adjustment be made through Capital Accounts which on 31st March, 2019 stood at Rs. 1,50,000 for A and Rs. 90,000 for B. Pass necessary Journal entries and prepare Capital Accounts. July 27, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
A, B and C are partners sharing profits and losses in the ratio of 2 : 3 : 5. On 31st March, 2019, their Balance Sheet was: August 2, 2022
Charles Ltd. earned a profit of Rs. 1,00,000 after charging depreciation of 20,000 on assets and a transfer to General Reserve of Rs. 30,000. Goodwill amortised was Rs. 7,000, and gain on sale of machinery was Rs. 3,000. Other information available is (changes in the value of Current Assets and Current Liabilities): trade receivables showed an increase of Rs. 3,000; trade payables an increase of Rs. 6,000; Prepaid expenses an increase of Rs. 200; and outstanding expenses a decrease of Rs. 2,000. Ascertain Cash Flow from Operating Activities. August 18, 2022
A and B are partners in a firm sharing profits in the ratio of 2 : 1. They decided with effect from 1st April, 2018, that they would share profits in the ratio of 3 : 2. But, this decision was taken after the profit for the year ended 31st March, 2019 of Rs. 90,000 was distributed in the old ratio. The profits for the year ended 31st March, 2017 and 2018 were Rs. 60,000 and Rs. 75,000 respectively. It was decided that Goodwill Account will not be opened in the books of the firm and necessary adjustment be made through Capital Accounts which on 31st March, 2019 stood at Rs. 1,50,000 for A and Rs. 90,000 for B. Pass necessary Journal entries and prepare Capital Accounts. July 27, 2022