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Admission of New Partner

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 above

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Solution

The correct option is B Exclusively for the purpose of firms business
Subject to the contract between the partners the property of the firm can be held or used exclusively for the purpose of firms business.

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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. 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.

Q. A partner of a trading or non trading firm signs a Negotiable instrument liability incurs in ______.

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

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