CameraIcon

SearchIcon

MyQuestionIcon

1

You visited us 1 times! Enjoying our articles? Unlock Full Access!

Introduction to Partnership

X is a partne...

Question

X is a partner in XYZ Associates. He agrees to share his profile with P, an outsider. This agreement is called ________.

A

Extended partnership

No worries! We‘ve got your back. Try BYJU‘S free classes today!

B

Sub-partnership

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

C

Unlimited partnership

No worries! We‘ve got your back. Try BYJU‘S free classes today!

D

Joint venture

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is B Sub-partnership
A sub-partnership has been recognized in India and registered as a partnership firm under the Income-Tax Act though the term has not been defined in the Indian Partnership Act, 1932.

Suggest Corrections

thumbs-up

0

Similar questions

Q. When a partner of a firm agrees to share his own share of profits with an outsider, it called ________.

Q. A partner can transfer his share to an outsider ________.

Q. A partner was supposed to contribute Rs.50,000 in a partnership firm. He gave Rs.80,000 to the firm. How much interest he will get on the extra money he contributed to the firm above his agreed share in the firm.

Q. A third party with whom a partner has agreed to share the profit accruing to him from a partnership is known as _________.

Q. A partner who has not entered into a partnership agreement and conducts or represents himself as a partner in a firm is called _____________.

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Introduction to Partnership

ACCOUNTANCY

Watch in App

explore_more_icon

Explore more

Introduction to Partnership

Standard XII Accountancy

Join BYJU'S Learning Program

CrossIcon