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Business Studies

Features, Merits & Limitations of Partnership

A partnership...

Question

A partnership is based on a ___ contract between two persons, who agree to share profits and losses of a business.

A

Legal

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B

Social

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C

Economical

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D

Political

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Solution

The correct option is A
Legal

A partnership is based on a legal contract between two persons, who agree to share profits and losses of a business.

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Similar questions

Q. Partnership is defined as "the relation between persons who have agreed to share the profits of a business carried on by _________ acting for all".

Q. Given below are two statements; one is labelled as Assertion (A), and the other is labelled as Reason (R).

Assertion (A) - Partners share profits and losses equally.

Reason (R) - Partnership is the relation between persons who have agreed to share the profit of the business carried on by all or anyone of them acting for all

[0.88 marks]

Q. Partnership is an association of two or more individuals (but not more than 20) who agree to share the profits of a lawful business which is managed and carried on __________________.

Q. The relationship between persons who have agreed to share the profit of a business carried on by all or any of them acting for all is know as.

A

B

are partners sharing profits and losses in the proportion of

7 : 5

. They agree to admit

C

, their Manager, into partnership who is to get

1 / 6^{t h}

share in the business.

C

R s . 10, 000

for his capital and

R s . 3, 600

1 / 6^{t h}

share of goodwill which he acquire

1 / 24^{t h}

A

1 / 8^{t h}

B

. The profits for the first year of the new partnership amount to

R s . 24, 000

. Pass necessary journal entries in connection with

C^{'} s

admission and apportion the profits between the partners.

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