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Goodwill Valuation (Retirement)

A partnership...

Question

A partnership firm can be formed with a minimum share capital of Rs. ____________.

A

R s .50, 000

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B

R s .5, 00, 000

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C

R s .1, 00, 000

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D

Not fixed

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Solution

The correct option is D Not fixed
There are no restrictions as such with respect to the minimum capital requirement in case of partnership firm.
However, any amount of capital could be introduced in the form of Partners’ Contribution and the same shall be mentioned in the Partnership deed, as executed by the Partners.

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R s .1, 00, 000

R s .50, 000

respectively. The Partnership Deed provided for Interest on Capital at the rate of

10 %

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Pass necessary adjustment entry to rectify the error.

Q. A & B are partners of a partnership firm sharing profits in the ratio of

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with capital of Rs.

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2, 00, 000

. C was admitted on the following terms: C would pay Rs.

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th share of profit. Find the balance of capital accounts after admission of C.

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Z

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respectively. The Partnership Deed provides that interest on capital is to be allowed @ 10% p.a.

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R s .2, 000

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R s . 4, 00, 000

Prepare Profit and Loss Appropriation. Account.

Q. A was an Employee in a Partnership Firm with a Salary of Rs. 50,000 per month and he will get a Share of 30% in Profits if the Profits ot the Firm exceed Rs.5,00,000. Now W is called ________.

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R s . 10, 00, 000

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