In the absence of partnership deed partners are entitled to >> Class 12 >> Accountancy >> Accounting for Partnership Basic Concepts >> Nature of Partnership RULES APPLICABLE IN THE ABSENCE OF PARTNERSHIP DEED As we know from the previous discusion that it is not cumpulsory to have a partnership deed for a partnership firm Hence if a firm is not having any written agreement or a partnership deed or if partnership deed is there but it is silent on certain issues the following provisions of the Indian Partnership Act 1932(A) 5% per year (B) – 6% per year – 12% per year (D) No interest is allowed 59 In the event of fluctuations in the partner`s accounts, the following positions/posts are recorded on the capital accounts page (A) Capital interest (B) Partner salary Partners` Commission (D) All 32
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In absence of partnership deed partners are entitled to what percent of profit as salary
In absence of partnership deed partners are entitled to what percent of profit as salary- 4 In the absence of partnership deed, the partner will be allowed interest on the amount advanced to the firm by him at the rate of (A) 6% (B) 6% pa 12% (D) None of these Answer 6% pa 5 In partnership firm, profits and losses are shared—(A) Equally (B) In the ratio of capitals As per Agreement (D) None of these Answer As per Agreement 6 Mention the amount of partners' salary and interest on capital which should be debited to the Profit and Loss Appropriation Account if both items are treated as appropriation Answer Answer Partners' salary ₹ 11,250, Interest on capital ₹ 18,750 Note In the ratio of salary and interest on capital ie 12,000 ,000 = 3 5
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(iv) Interest on Partners Loan In the absence of partnership deed if partner gives any loan to the firm he/she will be entitled to get a fixed percentage of interest @6% of annum (v) Salary of Partner In the absence of the partnership deed a partner will be entitled for getting any salary for his work even if the others are non working In the absence of partnership deed, the partner will be allowed interest on the amount advanced to the firm (a) @5% (b) @6% (c) @ 9% (d) @8% Answer Answer (b) @6%In case of partnership deed is silent then section 2 of the Partnership Act 1932 will apply according to the Section partners are not provided with remuneration it is clearly mentioned that unless there is an agreement between the partners to the contradiction of section the partners are not eligible to have a remuneration for their contribution towards the firm moreover they cannot demand even interest on capital however there is a provision for loan by the partner which is 6% per annum
In the absence of a partnership decision, interests on the partner`s capital are allowed (CPT;3 Salary/ Commission to partner No partner is entitled to salary/ commission from the firm, unless the partnership deed provides for it 4 Interest on loan If any partner, apart from his share capital, advances money to the firm as loan, he is entitled to interest on such amount at the rate of six percent per annum 5 In the absence of any deed of partnership Only working partners are entitled to Salary Partners are entitled for commission @ 6% of the net profits of the firm Partners contributing highest capital is entitled for interest on capital @ 6% pa
In the absence of partnership deed, no interest is charged on drawings In the absence of partnership deed, partners are not entitled to receive a) Salaries b) Their profit sharing ratio is 3 2 Salary payable to A and B is Rs 2,000 and Rs 3,000 respectively The firm's net profit during a year is Rs 4,000 Partners are not entitled to receive in the absence of partnership agreement asked in General Introduction of Partnership by Umesh01 ( 658k points) general introduction of partnership (i) Sharing of profits and losses If the partnership deed is silent on sharing of profit or losses among the partners of a firm, then according to the Partnership Act of 1932, profits and losses are to be shared equally by all the partners of the firm (ii) Interest on partner's capital If the partnership deed is silent on interest on partner's capital, then according to the Partnership
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(i) Sharing of profits and losses If the partnership deed is silent on sharing of profit or losses among the partners of a firm, then according to the Partnership Act of 1932, profits and losses are to be shared equally by all the partners of the firm (ii) Interest on partner's capital If the partnership deed is silent on interest on partner's capital, then according to the PartnershipIn the absence of partnership deed, the following rule will apply (A) No interest on capital (B) Profit sharing in capital ratio Profit based salary to working partner (D) 9% pa interest on drawings 24 In the absence of agreement, partners are not entitled to (A) Salary (B) Commission Equal share in profit (D) Both (a) and (b) 25
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