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(Accounting for Not for Profit organizations, …

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(Accounting for Not for Profit organizations, Partnership firms and Companies) 1 If the partner carries on the business that is similar to firm competition with the firm and if the profit is earned from it, the profit a. Shall be retained by the partner b. Shall be paid to firm c. Can be retained or gained to the firm d. Both (a) or (b)

Posted by Jai Singh 3 years, 6 months ago

CBSE > Class 12 > Accountancy

1 answers

Manish Pandit 3 years, 6 months ago

The right answer will be. b). Shall be paid to the firm. Explanation: If a partner carries on a business that is similar to that of the firm in competition with the firm and earns profit from it the profit earned from such business shall be paid to firm. Hope it will help you.

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