Consider the following contents relating to the Partnership Deed.(A) It contains the names and addresses of the firm and its main business(B) It contains the Names and Addresses of the Directors of the firm(C) It contains the capital to be contributed by each partner.(D) It contains the profit and loss sharing ratio(E) It does not contain the rules regarding operation of Bank AccountChoose the correct answer from the options given below:(A), (C) and (D) only(A), (B), (C) and (D) only(A), (B) and (D) only(A), (C) and (E) only

P and Q were partners in a firm sharing profits in 3:1 ratio. Their respective fixed capitals were10,00,000 and 6,00,000. The partnership deed provided interest on capital @ 12% p.a. Thepartnership deed further provided that interest on capital will be allowed fully even if it will resultinto a loss to the firm. The net profit of the firm for the year ended 31st March, 2018 was 1,50,000.Pass necessary Journal Entries in the books of the firm allowing interest on capital and divisionof profit/loss among the partners.

Which of the following is a right of a partner?(a) sharing profits and losses with other partners in the agreed ratio(b) inspecting and having a copy of the books of accounts(c) retiring from the firm without giving proper notice(d) taking part in the misconduct of the businessChoose the correct option:(i) Only (b) and (c)(ii) Only (c)(iii) Only (a) and (b)(iv) Only (a) and (d)

Every partner must account to the partnership for any benefit, and hold as trustee for it any profits derived by him or her without the consent of the other partners from any transaction connected with the formation, conduct, or liquidation of the partnership or from any use by him or her of its property.Group of answer choicesTrueFalse

In a partnership firm, the relationship between partners is based on:a) Ownership of sharesb) Articles of Associationc) Partnership deedd) Employment contract

Noy and Mar enter into a partnership agreement in which Noy is to have 60% interest in capital and profits.  Noy contributes the following:Cost Fair ValueLand P  500,000 ?Building 5,000,000 60% of costEquipment 1,000,000 75% of costThere is a P1,000,000 mortgage on the building which the partners agree to assume.  Mar contributes cash of P2,500,000 and the partners agreed that this should be his capital credit.  Land should be recorded in the amount of?