Accounting for ...

In which of the following case Garner v. Murray rule is NOT applicable?
1. Only one partner is solvent 
2. All partners are insolvent 
3. When partnership deed provides a specific method to be followed in case of insolvency of a partner 
Select the correct answer from the options giiven below :-

X, Y and Z are partners sharing profits & losses in the ratio of 5:3:2. From 1st April they decide to share profits and losses in the ratio of 2:5:3. The Partnership deed provides that in the event of any change in profit sharing ratio, the goodwill should be valued at two years' purchase of the average profits of the preceding 5 years. The profits and losses of the preceding years are:
i. Profit Rs 39,000,
ii. Profit Rs 57,000,
iii. Profit Rs 24,000,
iv. Profit Rs 27,000,
v. Loss Rs 12,000.
The necessary single adjusting entry will involve:

X, Y & Z are partners. X withdraws fixed some at the beginning of each month. Rate of interest of drawing is 10% p.a. Interest and drawing credited to Profit & Loss Appropriation A/c is Rs. 650. Calculate the monthly drawing of partners X.

In which of the following cases there is NOT partnership? 
(I) A & B buy 100 bales of cotton agreeing to divide these between them.
(II) A & B buy 100 bales of cotton,which they agree to sell for their joint account and to share the profit or loss.
(III) A & B are joint owner of a house. They rent it out to C and divide the net rent equally.
(IV) A is a publisher. He agrees to publish at his own expense a book written by B, and to pay B half the net profits.

A partner claims interest on capital _____________.

Garner v. Murray requires ____________________________________.

X and Y are partners sharing profit and loss at the ratio of 1/3 and 2/3 respectively. The net income for this accounting period is Rs 10,000 while salary of X = Rs 2,000, interest on Y's drawings = Rs 3,000 and interest on X's capital = Rs 2,000. What is the X's share of profit or loss after the adjustment for partner's salary, interest on capital and interest on drawings?

X, Y and Z are sharing profits & losses in the ratio of 5:3:2. They decide to share future profits & losses in the ratio of 2:3:5 with effect from 1st April. They also decide to record the effect of following revaluations without affecting the book values of the assets & liabilities, by passing a single adjusting entry:

The essential elements of a partnership __________________.

A partnership cannot be formed _______.