Which of the following is NOT covered by the general duties of partners?

To claim remuneration for the services rendered to the firm

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To render true accounts and full information of all things affecting the firm to any partner or his legal representative

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To carry on the business of the firm to the greatest common advantage

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To be just and faithful to each other

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Solution

The correct option is A To claim remuneration for the services rendered to the firm
According to the Partnership Act 1932, the partners those are in agreement with the partnership deed who are taking part in the conduct of business and management of the firm are not entitled to receive any remuneration of any sort.

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Similar questions

Q. Identify which sentence is correct and which is incorrect.
A. A sub-partner can bind the firm or other partners by his acts.
B. Sub-partner has rights or duties towards the firm and does carry liability for the dents of the firm.
C. Minor partner is entitled to his agreed share
D. Minor can inspect books of account of the firm.
Select the correct answer from the options given.

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Q. State the provisions of Indian Partnership Act regarding the payment of remuneration to a partner for the services rendered.

Q. Rohit is not a partner in a particular firm. But, he represents himself or knowingly permits himself to be represented as a partner of that particular firm to Sanjay, who on the faith of such a representation gives credit to the firm. Is Rohit liable as a partner in the firm?

Pass journal entries for the following transactions :

(i) Dissolution expenses amounted to Rs. 20,000. Rs. 8,000 were to be borne by the firm and the balance by Maruti, a partner. The expenses were paid by Maruti.

(ii) Sudhir, a partner, was allowed a remuneration of Rs. 10,000 to carry out dissolution of the firm. He was to bear all expenses of realisation which amounted to Rs. 16,000 were paid by the firm.

(iii) Ravi, a partner, is allowed a remuneration of Rs. 15,000 for dissolution work and is to bear all expenses of realisation which amounted to Rs 5,000 were paid by the firm.

(iv) Anil, a partner, is paid remuneration of Rs. 20,000 for dissolution work. Realisation expenses amounted to Rs. 7,500 were paid by the firm.

(v) Vijay, a partner, paid realisation expenses of Rs 10,000 and these were to be borne by him.

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