No products in the cart.

  1. Homework Help
  2. CBSE
  3. Class 12
  4. Accountancy

Why partnership is not separate legal …

CBSE, JEE, NEET, CUET

CBSE, JEE, NEET, CUET

Question Bank, Mock Tests, Exam Papers

NCERT Solutions, Sample Papers, Notes, Videos

Install Now
Why partnership is not separate legal entity

    • Posted by Tarun Singh 4 years, 2 months ago

    CBSE > Class 12 > Accountancy
    • 2 answers

    Hemant Singhal 4 years, 2 months ago

    Because partners are the real owners of the firm and they work as both agent and owner of the firm

    2Thank You

    Love ..... . 4 years, 2 months ago

    Because in Partnership , there is team work and no individual is an owner of a firm.

    2Thank You

    ANSWER
    http://mycbseguide.com/examin8/

    Related Questions

    Dev with true rupees 10 10000 on 15th day of every month interest on drawing was be changed a 12% per annum calculate interest on their string

    • Posted by Tanya Chaudhary 1 week, 4 days ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    On 1st April, 2015 X, y and X started a business in partnership. X contribute rupees 90,000 at first but withdraws rupees 30,000at the end of six months. Y introduces rupees 75,000 at first and increases it to rupees 90,000 at the end of four months, but withdraws it by rupee 60,000 at end of seven months. During the year ended 31st March 2016, they make a net profit of rupees 42,000. Show how the partners should divided this amount on the basis of effective capital employed by each partner.

    • Posted by Sushant Kamboz. 1 day, 6 hours ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    (Interest on capital when closing capital is given) A and B are partners sharing profits and losses in the ratio 4: 3. Their capital on 31st December, 2022 were 3,00,000 and 2,00,000 respectively. During the year, their drawings were 50,000 each. The firm earned profit amounting to 70,000 for the year ending 31st December, 2021. Later on they decided that interest on their capital be charged at 10% p.a. Compute interest on Capital.

    • Posted by Saksham Aryan 1 week ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    pari and neha are partners in a firm sharing profit and losses equally on 1st april 2018 to decided to share future profit in the ratio 2 is to 1 on the day of implementation of the decision the profit and loss account show the debit balance of 30000 and a general reserve 18000 record the necessary journal entries for the distribution of balance in the profit and loss account and general reserve for the change in the profit sharing ratio

    • Posted by Chhavi Jain 10 hours ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    Tom and Josh are partners in a firm sharing profits and losses in the ratio of 3 1. They admed Max as a new partner 1/10th share in the profits and losses. Max contributes the following assets to his capital and his share for goodwill: Sma a0,000 Land and Building 3,00,000, Plant and Machinery 2,60,000, Capital 74,00,000. Record the journal entries in the books of the firm on Max's admission. necesey

    • Posted by Vansh Sharma 1 week, 2 days ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    Pooja and Archna are parmas in a finn sharing profits and losses 1. Their capital accounts as en 1st April, 2017 stand at 70,000 ratio of 2 respectively. The partners the partners during s are allowed muret in capital @ 10% the year ended 31st March, 2018 amounted to p.a. The respectively. Interest is charged on drawings at the tale of 10% p.a. and t 1st December 1st February Interest on drawings is charged @ of A for the year ended 31st March, 20 [Ans. Interest on Drawings ₹221. Q. 22 (A). Gopal is a partner in a dras first day of every month during th If interest on drawings is c drawings of Gopal. 4,800 and Pooja has given a loan to firm as on 1st November, 2017 of ₹20,000. The profit of the firm for the year ended ist March, 2018 before adjustments was 280,000. 10% of this pult is beligt in a Reserve Account Current A/c balances on 1st April, 2017 wet Pooja ₹5,000 (Cr.); As 23,000 (Dr

    • Posted by Himalaya Singhal 6 days, 4 hours ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    Calculate the interest on drawings of X @ 10% p.a. for the year ended 31st March, 2018 in each of the following cases:- 1. If his drawings during the year were Rs. 12,000 2. If he withdrew Rs. 1,000 p.m. at the beginning of every month. 3. If he withdrew Rs. 1,000 p.m. at the end of every month. 4. If he withdrew Rs. 1,000 p.m. In the middle of each month. 5. In he withdrew the following amounts; April 30th Rs. 3,000, June 30th Rs. 2,000, October 1st Rs. 4,000, December 31st Rs. 1,500, February 1st 2,500 6. If he withdrew Rs. 3,000 at the beginning of each quarter 7. If he withdrew Rs. 3,000 at the end of each quarter. 8. If he withdrew Rs. 3,000 during the middle of each quarter.

    • Posted by Soniya Yadav 18 hours ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    Dev withdrew rs.10000 of 15th day of every month.

    • Posted by Tanya Chaudhary 1 week, 4 days ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    Madhuri and Arsh were partners in a firm sharing profits and Their Balance Sheet as at 31 ^ (st) * M * a * r * c * h 2019, was as follows: losses in the ratio of 3: 1. Balance Sheet of Madhuri and Arsh As on 31 ^ (st) March, 2019 4 Assets Amount (3) Liabilities Amount () 4,70,000 1,10,000 Capital Madhuri Arsh 1,20,000 2,00.000 Machinery Investments 5,00,000 Debtors Less: Provision for doubtful 60,000 debts Workmen's Compensation Fund (10,000) 1,10,000 Creditors Employees' Provident Fund 1,90,000 Stock 1,10,000 8,60,000 Cash 1,40,000 30,000 8,60,000 On 1 ^ (st) April, 2019, they admitted Jyoti into partnership for 1 / (4 ^ (th)) share in the profits of the firm. Jyoti brought proportionate capital and 40,000 as her share of goodwill premium. The following terms were agreed upon; (i) Provision for doubtful debts was to be maintained at 10% on debtors. (ii) Stock was undervalued by 10,000. (iii) An old customer whose account was written off as bad, paid 15,000.. (iv) 20% of the investments were taken over by Arsh at book value. (v) Claim on account of workmen's compensation amounted to 70,000. (vi) Creditors included a sum of 27,000 which was not likely to be claimed. Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the reconstituted firm

    • Posted by Pozhil Veer 1 week ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    Chapter 1 solution

    • Posted by Kinara Bhatt 1 week, 5 days ago

    CBSE > Class 12 > Accountancy
    • 0 answers

    myCBSEguide App

    myCBSEguide

    Trusted by 1 Crore+ Students

    Install Now

    Test Generator

    Test Generator

    Create papers online. It's FREE.

    Try Now

    CUET Mock Tests

    CUET Mock Tests

    75,000+ questions to practice only on myCBSEguide app

    Install Now
    Google Play

    Download myCBSEguide App

    All Courses

    Other Websites

    CBSE Courses

    Resources

    Corporate

    NCERT Solutions

    CBSE Sample Papers

    All Content and Intellectual Property is under Copyright Protection | myCBSEguide.com ©2007-2024