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Business Studies

Types of Partners , Partnership and Companies

On Mr.Ram's d...

Question

On Mr.Ram's daughters 17th birthday, he made her a partner of his firm. Can she only receive profits and but not losses?

A

No, she has to bear the profit as well as the loss.

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B

Yes, she can only receive profits but not the losses of the firm.

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C

She doesn't receive profits until the age of 25.

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D

None of the above

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Solution

The correct option is B
Yes, she can only receive profits but not the losses of the firm.

Yes, she can only receive profits but won't bear the burden of the loss in the firm.

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Q. 'A', 'B', 'C', 'D' and 'V are partners in partnership firm. The firm has different types of partners. Mr. A has contributed capital and participates in the management of firm. He shares profits and losses and is liable to an unlimited extent to the creditors of the firm.
Mr. B has contributed capital and shares its profits and losses. He also has unlimited liability but he does not take part in day to day activities of business. Association of Mr. C is not known to the general public but in all other respects he is like an active partner. Mr. D has allowed the firm to use his name as he enjoys good reputation among clients but he does not either contribute capital or take part in the management.
Master 'E', 15 years of age is entitled to the benefits of partnership with mutual consent of all their members. He is not eligible to take part in management of firm and shares only profits and not losses of the firm.
(i) How many partners do the firm has?
(ii) Who is the active partner and what is the nature of his liability in the firm?
(iii) Who is the sleeping partner in the firm and what is the nature of his liability?
(iv) What kind of partner is Mr.0 and what kind of liability does he have in the firm?
(v) How does the partnership relationship of Mr. C differs from Mr. D ? How do they differ in their liability?
(vi) Is Mast. E a legal partner? Can be held liable for the liability of the firm?

Q. Anshu correctly remembers that his sister's birthday is before

20^{t h}

15^{t h}

October but her father correctly remembers that his daughter's birthday is before

17^{t h}

October. Anshu's sister's birthday falls on which day ?

Q. A and B are partners sharing profits and losses in the ratio of 3 : 2. They admit C as partner in the firm for 1/4th share in profits which he takes 1/6th from A and 1/12th from B. C brings in only 60% of his share of firm's goodwill. Goodwill of the firm has been valued at ₹ 1,00,000. Pass necessary journal entries to record this arrangement.

Ram bought a shoe from the mall for his birthday. What did he receive?

A

B

are partners sharing profit and losses in the ratio of

3 : 2

C

into the firm for

1 / 4^{t h}

share in profits which he takes

1 / 6^{t h}

A

1 / 12^{t h}

B

C

60 %

of his share of firm's goodwill. Goodwill of the firm has been valued at

R s . 1, 00, 000

. Pass necessary Journal entries to record this arrangement.

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