State the provisions of Indian Partnership Act regarding the payment of remuneration to a partner for the services rendered. Post category:Accountancy Reading time:1 mins read SOLUTION As per the Indian Partnership Act, in the absence of partnership deed, no remuneration is allowed to any partner for the services rendered. 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 PostHow are mutual relations of partners governed in the absence of Partnership Deed? Next PostIs a sleeping* partner liable to the acts of other partners? You Might Also Like P, Q and R are partners sharing profits and losses in the ratio of 3 : 3 : 2 respectively. Their respective capitals are in their profit-sharing proportions. On 1st April, 2018, the total capital of the firm and the balance of General Reserve are Rs. 80,000 and Rs. 20,000 respectively. During the year 2018-19, the firm made a profit of Rs. 28,000 before charging interest on capital @ 5%. The drawings of the partners are P — Rs. 8,000; Q — Rs. 7,000; and R — Rs. 5,000. On 31st March, 2019, their liabilities were Rs. 18,000. On this date, they decided to dissolve the firm. The assets realised Rs. 1,08,600 and realisation expenses amounted to Rs. 1,800. Prepare necessary Ledger Accounts to close the books of the firm. July 26, 2022 A, B and C were partners sharing profits and losses in the ratio of 2: 2:1. C died on 30th June, 2020. Profit and Sales for the year ended 31st March, 2020 were Rs. 1,00,000 and Rs. 10,00,000 respectively. Sales during April to June, 2020 were Rs. 1,50,000. You are required to calculate share of profit of C till the date of his death. August 5, 2022 Calculate Trade Receivables Turnover Ratio from the following information: August 16, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
P, Q and R are partners sharing profits and losses in the ratio of 3 : 3 : 2 respectively. Their respective capitals are in their profit-sharing proportions. On 1st April, 2018, the total capital of the firm and the balance of General Reserve are Rs. 80,000 and Rs. 20,000 respectively. During the year 2018-19, the firm made a profit of Rs. 28,000 before charging interest on capital @ 5%. The drawings of the partners are P — Rs. 8,000; Q — Rs. 7,000; and R — Rs. 5,000. On 31st March, 2019, their liabilities were Rs. 18,000. On this date, they decided to dissolve the firm. The assets realised Rs. 1,08,600 and realisation expenses amounted to Rs. 1,800. Prepare necessary Ledger Accounts to close the books of the firm. July 26, 2022
A, B and C were partners sharing profits and losses in the ratio of 2: 2:1. C died on 30th June, 2020. Profit and Sales for the year ended 31st March, 2020 were Rs. 1,00,000 and Rs. 10,00,000 respectively. Sales during April to June, 2020 were Rs. 1,50,000. You are required to calculate share of profit of C till the date of his death. August 5, 2022