Accounting for ...

Partners are bound to carry on firms business

Which of the following is the real test of existence of partnership?

X advanced Rs. 50,000 to Y to celebrate marriage ceremony of his minor daughter Z. Y refused to return the loan. X cannot legally recover the sun advanced to Y as

Loss due to insolvency of a partner is dealt with in accordance with

XY formed a joint venture to construct railway line for Metro Railway in Delhi and agreed to share profit and loss in the ratio of 2:3. X purchased goods worth Rs. 200000 and send the same to Y on payment of freight and insurance of Rs. 10,000. Y also purchased material worth Rs. 45000 and incurred Rs. 5000 as incidental expenses. Y sold the construction material to Railway for Rs. 3,20,000. What is the profit on Joint venture

Where the notice of dissolution of the firm does not mention any date as the date of dissolution of the firm, dissolution takes place from the date.

ST Ltd. intends to revalue its good will on the basis of $$3$$ years purchase of weighted average of super profit of last four years. Estimate the goodwill of the firm.
Year $$2011$$ Profit Rs. $$17,000$$, year $$2012$$ Profit Rs. $$15,000$$
Year $$2013$$ Profit Rs. $$16,000$$, Year $$2014$$ profit Rs. $$20,000$$

Total annual wages bill of XYZ Associates for the year 09-10 amounted to Rs.12,00,00, however two workers remained on medical leave during the month of February and March, 2010, accordingly their two months wages amounting to Rs. 50,000 remained undisbursed till 1st May 2010,Which was paid in the month of May 10. The unpaid wages of Rs.50,000 will be shown in the books of account as ....

A partner of an unregistered firm has a right to-sue

If a retiring partner does not give public notice of his retirement from the firm, he becomes a.......