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Partnership Deed

What would be...

Question

What would be the profit sharing ratio if the partnership act is compiled with?

A

As per agreement.

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B

Equally.

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C

In capital ratio.

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D

None of the above.

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Solution

The correct option is B Equally.
According to the partnership act the partners are to share profits equally unless anything else is agreed by the partners or is in the agreement.

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Similar questions

Q. If the partnership deed is _______ about the profit sharing ratio, the profits and losses of the firm are to be shared equally by partners, irrespective of their capital contribution in the firm.

Q. Jaspal and Rosy were partners with capital contribution of

R s . 10, 00, 000

R s . 5, 00, 000

respectively. They do not have a Partnership Deed. Jaspal wants that profits of the firm should be shared in their capital ratio. Rosy convinced Jaspal that profits should be shared equally. Explain how Rosy would have convinced Jaspal for sharing the profit equally.

Q. Jaspal and Rosy were partners with capital contribution of ₹ 10,00,000 and ₹ 5,00,000 respectively. They do not have a Partnership Deed. Jaspal wants that profits of the firm should be shared in their capital ratio. Rosy convinced jaspal that profits should be shared equally. Explain how Rosy would have convinced Jaspal for sharing the profit equally.

Q. As per the agreement, Profits should be shared equally but Loss shall be borne by one Partner. Then the Partnership agreement is_____.

Where there is no partnership agreement exists between partners, what will be the profit sharing ratio between the partners?

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