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Partner's Capital Accounts

Subject to th...

Question

Subject to the contract between the partners the property of the firm can be held or used _______

A

For the common benefit of the partners

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B

Exclusively for the purpose of firms business

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C

For payment of liability of the firm

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D

All the three

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Solution

The correct option is B For the common benefit of the partners
Option A is the correct answer.

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Q. Subject to the contract between the partners, the property of the firm can be held or used ______________________.

Q. Subject to contract between the partners, a firm is dissolved by the _______ of a partner.

Q. Property of the firm shall be held by use of the partners __________.

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Q. What Journal entries would be passed for discharge of following unrecorded liabilities on the dissolution of a firm of partners A and B:
(a) There was a contingent liability in respect of bills discounted but not matured of ₹ 18,500. An acceptor of one bill of ₹ 2,500 became insolvent and fifty paise in a rupee was recovered. The liability of the firm on account of this bill discounted and dishonoured has not so far been recorded.
(b) There was a contingent liability in respect of a claim for damages for ₹ 75,000, such liability was settled for ₹ 50,000 and paid by the partner A.
(c) Firm will have to pay ₹ 10,000 as compensation to an injured employee, which was a contingent liability not accepted by the firm.
(d) ₹ 5,000 for damages claimed by a customer has been disputed by the firm. It was settled at 70% by a compromise between the customer and the firm.

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