Fundamentals of...

A, B, and C were partners in a firm having no partnership agreement. A, B and C contributed ₹2,00,000, ₹3,00,000 and ₹1,00,000 respectively. A and B desire that the profits should be divided in the ratio of capital contribution. C does not agree to this. How will the dispute be settled? Who is correct?

When a partner withdraws Rs.4000 at the beginning of each quarter, the interest on his drawings @ 6% p.a. will be Rs.:

Credit balance of Current Account is shown in which side of Balance sheet:

If Rs. 3,000 withdrawn by a partner on the first day of every quarter, interest on drawings will be calculated for:

If partners are running a business without a partnership deed how much interest on their capitals will be given?

Money withdrawn by a partner on 1st July Rs. 20,000 and interest on drawings is fixed @ 6% (Books are closed on 31st March.) The amount of interest will be Rupees:

How to calculate Commission as % of Net Profit after charging such commission

What will be the adjusting entry to provide for Interest on Partner’s loan?

From the following, what is important for a partnership?

A and B are partners sharing profit and losses in the ratio of 3:5. On 1st July, 2012 A and B advanced loan to the business of Rs. 40,000 and Rs.20,000 respectively at the agreed @ 5% p.a. Calculate Interest on loan. When accounting books are closed on 31st December every year and partnership deed allows interest on loan to the partners.

Partners collectively are called :

Profit and Loss appropriation account is differ from Profit and Loss account as it is prepared by

Which Section of the Partnership Act defines Partnership as the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all?

If dates of the withdrawal of drawings are not given then interest on drawings should be charged:

Mutual Agency implies: