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Standard XII
Accountancy
Profit or Loss Appropriation A/c
Which of the ...
Question

Which of the following duties can be varied by an agreement between the partners?

A
Duty to work without remuneration.
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B
Duty to contribute to losses.
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C
Duty to indemnify for losses caused due to willful negligence.
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D
All the three.
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Solution

The correct option is D All the three.
Partners can determine their mutual rights and duties by an agreement called partnership deed. Partnership Deed is an important part of partnership. It clearly states the duties of partners. Any change in duties such as duty to work without remuneration, duty to contribute to losses, duty to indemnify for losses caused due to willful negligence can be made by making changes in partnership deed.

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Mention which function explains the following:

It is the duty of the insured to take reasonable steps to minimise the loss or damage to the insured property.


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Which principle states that it is the duty of insured to take reasonable steps to minimise the loss or damage to the insured property?

Q. PRINCIPLE: Negligence is the breach of a duty caused by an omission to do something which a reasonable person would do or an act which prudent and reasonable person would not do. An action for negligence proceeds upon the principle that the person has an obligation or duty on the part of the defendant, which he/she breaches leading to damage.

FACTUAL SITUATION: A, a surgeon operated on B. Subsequent to the operation, B complained of pain in his abdomen. On examination, it was discovered that A left his gloves inside the patient's abdomen.

DECIDE.

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Choose the one which can be substituted for given group of words.
Failing to discharge one's duty
Q. Principle: Negligence is the breach of a duty caused by a omission to do something which a reasonable person would do or an act which a prudent and reasonable person would not do. An action for negligence proceeds upon the principle that the person has an obligation or duty on the part of the defendant, which he/she breached, leading to damage.
A, a surgeon operated on B. Subsequent to the operation, B complained of pain in his abdomen. On examination, it was discovered that A had left a mop in B 's stomach while Operating.
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Standard XII Accountancy
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