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Question
Which of the following are the rights of a partner in a partnership firm?
X. To take part in the conduct and management of the business.
Y. To receive remuneration for active working in the firm.
Z. To receive interest on the capital invested in the firm W. To receive share in the profit.
Which of the following is/are the correct options?
Which of the following are the rights of a partner in a partnership firm?
X. To take part in the conduct and management of the business.
Y. To receive remuneration for active working in the firm.
Z. To receive interest on the capital invested in the firm W. To receive share in the profit.
Which of the following is/are the correct options?
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Solution
The correct option is D X, Z and W
X)Section 12(b) - Every partner is bound to attend diligently to his duties in the conduct of the busines-section.Y)Section 13(a) A partner is not entitled to receive remuneration for taking part in the conduct of the business.Z)Section 13(c) Where a partner is entitled to interest on the capital subscribed by him, such interest shall be payable only out of profits.
W)Section 13(b) The partners are entitled to share equally in the profits earned and shall contribute equally to the losses sustained by the firm.
X)Section 12(b) - Every partner is bound to attend diligently to his duties in the conduct of the busines-section.
Y)Section 13(a) A partner is not entitled to receive remuneration for taking part in the conduct of the business.
Z)Section 13(c) Where a partner is entitled to interest on the capital subscribed by him, such interest shall be payable only out of profits.
W)Section 13(b) The partners are entitled to share equally in the profits earned and shall contribute equally to the losses sustained by the firm.
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