state the provisions of pernership Act 1932 in the absence of a partnership Deed regarading (i) interest on partners Drawings and (ii) interest on Adv

Monjur Alahi

state the provisions of pernership Act 1932 in the absence of a partnership Deed regarading (i) interest on partners Drawings and (ii) interest on Advances other than capital .


0 like 0 dislike
1 views
Share with your friends

1 Answers

Salim Ahmed Kawsar

Call

1) Interest on drawings : No interest on drawings would be charged from partners.
2) Interest on Advances other than capital : If a partner has provided any Loan to the firm, he would be paid Interest at the rate 6% p.a. This interest on laon is a charge against profits i.e. it is to be allowed even if there are losses to the firm.

0 like 0 dislike
1 views
Talk Doctor Online in Bissoy App
Atal and lal are partners in a firm , they do not have partnership Deed ,what shall be the position in the following cases ? (i) atal devotes more tim

In the absence of partnership Deed , provisions of the indian partnership At 1932 shall apply to settle the disputes : (i) Salary is not payable to any parther ,...

2 Answers 2 views
A partner draws Rs. 10.000 per month under the pernership Deed interest on drwings is to be charged @ 15 % p.a Calculate interest if the if the drwawi

interest in the three situations will be : (i) total Drawings in the =Rs. 1.20.00 Rate of interest = 15 % p,a interest n drawings `=(rs. 1.20.000xx15)/(100)xx(6^(1/(2))/(12)=Rs.9.750.` * Average period...

2 Answers 1 views
the partnership Deed does not provide for charging interest on drawing therefore , the provisions of the indian partnersip Act 1932 apply whereby inte

the partnership Deed should be amended to incorrate the clarge interest on drawings it is only then that the interest on drawings can be charged.

2 Answers 1 views
what is the maximm unmber of partners that a partnership firm can have ? Name the act that provides for the maximum number of partners is a partership

Maximm number of partners - 100 Act - Indian Partnership Act, 1932

2 Answers 1 views
if the partnership Deed does not specify the rate of interest chargeable on Drawings will the interest still be charged ? If yes at what rate ? If not

No interest on drawings would be charged from partners.

2 Answers 1 views
X.Y and Z are partners sharing profit and losses equally as per partnership Deed ,Z is entited to a commission of 10% on the net profit after charging

Commission payable to Z -Rs.20,000

2 Answers 1 views
Partnership at will, Partnership for a particular period, Limited Liability Partnership, Partnership for a particular venture.

Limited Liability Partnership

2 Answers 1 views
Indian Contract Act 1872, Indian Partnership Act 1932, Industrial Dispute Act 1947.

1. Indian Partnership Act, 1932 2. Natural Environment.

2 Answers 1 views
Liabilities of partners is -  (A) Limited  (B) Unlimited  (C) Determined by partnership Act  (D) None of these

Correct option is: (B) Unlimited

2 Answers 1 views
Profit or Loss on Revaluation is born by -  (A) Old partners  (B) New partners  (C) All partners  (D) Only two partners

Correct option is: (A) Old partners

2 Answers 1 views
X