1
You visited us
1
times! Enjoying our articles?
Unlock Full Access!
Byju's Answer
Standard XII
Accountancy
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
Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses
B
Exclusively for the purpose of firms business
No worries! We‘ve got your back. Try BYJU‘S free classes today!
C
For payment of liability of the firm
No worries! We‘ve got your back. Try BYJU‘S free classes today!
D
All the three
No worries! We‘ve got your back. Try BYJU‘S free classes today!
Open in App
Solution
The correct option is
B
For the common benefit of the partners
Option A is the correct answer.
Suggest Corrections
0
Similar questions
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 __________.
Q.
Property of the firm shall be held by use of the partners __________________.
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.
View More
Join BYJU'S Learning Program
Grade/Exam
1st Grade
2nd Grade
3rd Grade
4th Grade
5th Grade
6th grade
7th grade
8th Grade
9th Grade
10th Grade
11th Grade
12th Grade
Submit
Related Videos
Analysing Capital Accounts
ACCOUNTANCY
Watch in App
Explore more
Partner's Capital Accounts
Standard XII Accountancy
Join BYJU'S Learning Program
Grade/Exam
1st Grade
2nd Grade
3rd Grade
4th Grade
5th Grade
6th grade
7th grade
8th Grade
9th Grade
10th Grade
11th Grade
12th Grade
Submit
AI Tutor
Textbooks
Question Papers
Install app