CA Foundation Exam > CA Foundation Questions > State whether the following are partnerships ...
Start Learning for Free
State whether the following are partnerships under the Indian Partnership Act 1932. 1.A and B buy commodity X and agree to sell the commodity with sharing the profit equally. 2.Two firms, each having 12 partners, combine by an agreement to do one firm. 3. A and B co-owners agree to conduct the business in common for profit.4. Some individuals form an association to which each individual contributes Rs. 5000 annually. The objective of the association is to produce clothes and distribute the clothes free to the war widows. 5.A and B co-owners share between themselves the rent derived from a piece of land. Please write the answer as according to the CA Foundation ICAI material.?
Most Upvoted Answer
State whether the following are partnerships under the Indian Partners...
1. A and B buying commodity X
- A and B buy commodity X and agree to sell it, sharing the profit equally.
- This arrangement qualifies as a partnership under the Indian Partnership Act, 1932, as it involves two or more persons conducting a business with a common objective of making a profit.
2. Two firms combining into one
- Two firms, each with 12 partners, agree to combine into one firm.
- This scenario does not constitute a partnership under the Indian Partnership Act, as the Act primarily deals with partnerships formed by individuals, not corporations or existing firms merging.
3. A and B as co-owners conducting business
- A and B, as co-owners, agree to conduct the business in common for profit.
- This is a partnership under the Indian Partnership Act, as it involves two individuals jointly managing a business with the intention of sharing profits.
4. Association for charity
- Individuals form an association where each contributes Rs. 5000 annually to produce clothes for war widows.
- This does not qualify as a partnership under the Indian Partnership Act, as the primary objective is not profit-making but charitable distribution.
5. A and B sharing rent
- A and B co-owners share the rent derived from a piece of land.
- This situation does not constitute a partnership, as it lacks the essential element of carrying on a business for profit; it is merely a co-ownership agreement.
In summary, partnerships under the Indian Partnership Act, 1932, require the intention to operate a business for profit, which is not present in all the scenarios mentioned.
- A and B buy commodity X and agree to sell it, sharing the profit equally.
- This arrangement qualifies as a partnership under the Indian Partnership Act, 1932, as it involves two or more persons conducting a business with a common objective of making a profit.
2. Two firms combining into one
- Two firms, each with 12 partners, agree to combine into one firm.
- This scenario does not constitute a partnership under the Indian Partnership Act, as the Act primarily deals with partnerships formed by individuals, not corporations or existing firms merging.
3. A and B as co-owners conducting business
- A and B, as co-owners, agree to conduct the business in common for profit.
- This is a partnership under the Indian Partnership Act, as it involves two individuals jointly managing a business with the intention of sharing profits.
4. Association for charity
- Individuals form an association where each contributes Rs. 5000 annually to produce clothes for war widows.
- This does not qualify as a partnership under the Indian Partnership Act, as the primary objective is not profit-making but charitable distribution.
5. A and B sharing rent
- A and B co-owners share the rent derived from a piece of land.
- This situation does not constitute a partnership, as it lacks the essential element of carrying on a business for profit; it is merely a co-ownership agreement.
In summary, partnerships under the Indian Partnership Act, 1932, require the intention to operate a business for profit, which is not present in all the scenarios mentioned.
Attention CA Foundation Students!
To make sure you are not studying endlessly, EduRev has designed CA Foundation study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in CA Foundation.
|
Explore Courses for CA Foundation exam
|
|
Similar CA Foundation Doubts
Top Courses for CA FoundationView all
State whether the following are partnerships under the Indian Partnership Act 1932. 1.A and B buy commodity X and agree to sell the commodity with sharing the profit equally. 2.Two firms, each having 12 partners, combine by an agreement to do one firm. 3. A and B co-owners agree to conduct the business in common for profit.4. Some individuals form an association to which each individual contributes Rs. 5000 annually. The objective of the association is to produce clothes and distribute the clothes free to the war widows. 5.A and B co-owners share between themselves the rent derived from a piece of land. Please write the answer as according to the CA Foundation ICAI material.?
Question Description
State whether the following are partnerships under the Indian Partnership Act 1932. 1.A and B buy commodity X and agree to sell the commodity with sharing the profit equally. 2.Two firms, each having 12 partners, combine by an agreement to do one firm. 3. A and B co-owners agree to conduct the business in common for profit.4. Some individuals form an association to which each individual contributes Rs. 5000 annually. The objective of the association is to produce clothes and distribute the clothes free to the war widows. 5.A and B co-owners share between themselves the rent derived from a piece of land. Please write the answer as according to the CA Foundation ICAI material.? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about State whether the following are partnerships under the Indian Partnership Act 1932. 1.A and B buy commodity X and agree to sell the commodity with sharing the profit equally. 2.Two firms, each having 12 partners, combine by an agreement to do one firm. 3. A and B co-owners agree to conduct the business in common for profit.4. Some individuals form an association to which each individual contributes Rs. 5000 annually. The objective of the association is to produce clothes and distribute the clothes free to the war widows. 5.A and B co-owners share between themselves the rent derived from a piece of land. Please write the answer as according to the CA Foundation ICAI material.? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for State whether the following are partnerships under the Indian Partnership Act 1932. 1.A and B buy commodity X and agree to sell the commodity with sharing the profit equally. 2.Two firms, each having 12 partners, combine by an agreement to do one firm. 3. A and B co-owners agree to conduct the business in common for profit.4. Some individuals form an association to which each individual contributes Rs. 5000 annually. The objective of the association is to produce clothes and distribute the clothes free to the war widows. 5.A and B co-owners share between themselves the rent derived from a piece of land. Please write the answer as according to the CA Foundation ICAI material.?.
State whether the following are partnerships under the Indian Partnership Act 1932. 1.A and B buy commodity X and agree to sell the commodity with sharing the profit equally. 2.Two firms, each having 12 partners, combine by an agreement to do one firm. 3. A and B co-owners agree to conduct the business in common for profit.4. Some individuals form an association to which each individual contributes Rs. 5000 annually. The objective of the association is to produce clothes and distribute the clothes free to the war widows. 5.A and B co-owners share between themselves the rent derived from a piece of land. Please write the answer as according to the CA Foundation ICAI material.? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about State whether the following are partnerships under the Indian Partnership Act 1932. 1.A and B buy commodity X and agree to sell the commodity with sharing the profit equally. 2.Two firms, each having 12 partners, combine by an agreement to do one firm. 3. A and B co-owners agree to conduct the business in common for profit.4. Some individuals form an association to which each individual contributes Rs. 5000 annually. The objective of the association is to produce clothes and distribute the clothes free to the war widows. 5.A and B co-owners share between themselves the rent derived from a piece of land. Please write the answer as according to the CA Foundation ICAI material.? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for State whether the following are partnerships under the Indian Partnership Act 1932. 1.A and B buy commodity X and agree to sell the commodity with sharing the profit equally. 2.Two firms, each having 12 partners, combine by an agreement to do one firm. 3. A and B co-owners agree to conduct the business in common for profit.4. Some individuals form an association to which each individual contributes Rs. 5000 annually. The objective of the association is to produce clothes and distribute the clothes free to the war widows. 5.A and B co-owners share between themselves the rent derived from a piece of land. Please write the answer as according to the CA Foundation ICAI material.?.
Solutions for State whether the following are partnerships under the Indian Partnership Act 1932. 1.A and B buy commodity X and agree to sell the commodity with sharing the profit equally. 2.Two firms, each having 12 partners, combine by an agreement to do one firm. 3. A and B co-owners agree to conduct the business in common for profit.4. Some individuals form an association to which each individual contributes Rs. 5000 annually. The objective of the association is to produce clothes and distribute the clothes free to the war widows. 5.A and B co-owners share between themselves the rent derived from a piece of land. Please write the answer as according to the CA Foundation ICAI material.? in English & in Hindi are available as part of our courses for CA Foundation.
Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of State whether the following are partnerships under the Indian Partnership Act 1932. 1.A and B buy commodity X and agree to sell the commodity with sharing the profit equally. 2.Two firms, each having 12 partners, combine by an agreement to do one firm. 3. A and B co-owners agree to conduct the business in common for profit.4. Some individuals form an association to which each individual contributes Rs. 5000 annually. The objective of the association is to produce clothes and distribute the clothes free to the war widows. 5.A and B co-owners share between themselves the rent derived from a piece of land. Please write the answer as according to the CA Foundation ICAI material.? defined & explained in the simplest way possible. Besides giving the explanation of
State whether the following are partnerships under the Indian Partnership Act 1932. 1.A and B buy commodity X and agree to sell the commodity with sharing the profit equally. 2.Two firms, each having 12 partners, combine by an agreement to do one firm. 3. A and B co-owners agree to conduct the business in common for profit.4. Some individuals form an association to which each individual contributes Rs. 5000 annually. The objective of the association is to produce clothes and distribute the clothes free to the war widows. 5.A and B co-owners share between themselves the rent derived from a piece of land. Please write the answer as according to the CA Foundation ICAI material.?, a detailed solution for State whether the following are partnerships under the Indian Partnership Act 1932. 1.A and B buy commodity X and agree to sell the commodity with sharing the profit equally. 2.Two firms, each having 12 partners, combine by an agreement to do one firm. 3. A and B co-owners agree to conduct the business in common for profit.4. Some individuals form an association to which each individual contributes Rs. 5000 annually. The objective of the association is to produce clothes and distribute the clothes free to the war widows. 5.A and B co-owners share between themselves the rent derived from a piece of land. Please write the answer as according to the CA Foundation ICAI material.? has been provided alongside types of State whether the following are partnerships under the Indian Partnership Act 1932. 1.A and B buy commodity X and agree to sell the commodity with sharing the profit equally. 2.Two firms, each having 12 partners, combine by an agreement to do one firm. 3. A and B co-owners agree to conduct the business in common for profit.4. Some individuals form an association to which each individual contributes Rs. 5000 annually. The objective of the association is to produce clothes and distribute the clothes free to the war widows. 5.A and B co-owners share between themselves the rent derived from a piece of land. Please write the answer as according to the CA Foundation ICAI material.? theory, EduRev gives you an
ample number of questions to practice State whether the following are partnerships under the Indian Partnership Act 1932. 1.A and B buy commodity X and agree to sell the commodity with sharing the profit equally. 2.Two firms, each having 12 partners, combine by an agreement to do one firm. 3. A and B co-owners agree to conduct the business in common for profit.4. Some individuals form an association to which each individual contributes Rs. 5000 annually. The objective of the association is to produce clothes and distribute the clothes free to the war widows. 5.A and B co-owners share between themselves the rent derived from a piece of land. Please write the answer as according to the CA Foundation ICAI material.? tests, examples and also practice CA Foundation tests.
|
|
Explore Courses for CA Foundation exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup