State the ‘liability of a partner’ in a partnership firm.(C.B.S.E. 2019. Delhi) Post category:Accountancy Reading time:1 mins read SOLUTION Liability of partners is Unlimited and Several (i.e., personal assets can b utilized to pay off ‘the debts of the firm.) 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 PostAnkit, Bhanu and Charu are partners in a firm sharing profits and losses equally with capital of Rs. 2,50,000 each. On 1st October, 2021, Ankit and Bhanu gave loans of Rs. 2,50,000 each to the firm whereas Charu took a loan of Rs. 1,00,000 from the firm on the same date. It was agreed among the partners that Charu will be charged Interest @ 6% pa. Interest on loan from partners was paid on 10th April, 2022. The firm closes its books on 31st March each year. Pass the Journal entries in the books of the firm for the year ended 31st March, 2022. Next PostWhat is meant by ‘mutual agency’ in case of partnership? (C.B.S.E. 2019. Chennai) You Might Also Like What do you mean by Non-Convertible Preference Shares? September 28, 2022 A, B and C who are presently sharing profits and losses in the ratio of 5: 3: 2 decide to share future profits and losses in the ratio of 2: 3: 5. Give the journal entry to distribute ‘Investments Fluctuation Reserve’ of Rs. 20,000 at the time of change in profit-sharing ratio, when investment (market value Rs. 95,000) appears in the books at Rs. 1,00,000. October 28, 2022 Anju, Manju and Sanju were partners in a firm sharing profits in the ratio of 2 : 2 : 1. On 31st March, 2019, their Balance Sheet was: July 26, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
A, B and C who are presently sharing profits and losses in the ratio of 5: 3: 2 decide to share future profits and losses in the ratio of 2: 3: 5. Give the journal entry to distribute ‘Investments Fluctuation Reserve’ of Rs. 20,000 at the time of change in profit-sharing ratio, when investment (market value Rs. 95,000) appears in the books at Rs. 1,00,000. October 28, 2022
Anju, Manju and Sanju were partners in a firm sharing profits in the ratio of 2 : 2 : 1. On 31st March, 2019, their Balance Sheet was: July 26, 2022