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A. B. C are partners in a partnership firm. During the F.Y. 2008-09 firm earned profit amounting to Rs. 18,000. They distributed the profit in the ratio of 2:2:1. But there is no partnership deed of the firm. Necessary adjustment entry will be :
- a)P & L Adjustment A/c Dr. 18,000To A’s Capital A/c 7,200To B’s Capital A/c 7,200To C’s Capital A/c 3,600
- b)P & L Adjustment A/cDr. 18,000To A’s Capital A/c 6,000To B’s Capital A/c 6,000To Cs Capital A/c 6,000
- c)A’s Capital A/c Dr. 1,200B’s Capital A/c Dr. 1,200To C’s Capital A/c 2,400
- d)None of the above
Correct answer is option 'C'. Can you explain this answer?
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A. B. C are partners in a partnership firm. During the F.Y. 2008-09 fi...
Liability of Estate of Deceased Partner
When a partner dies, his or her estate is generally not held liable for the debts and obligations of the partnership. This is because the partnership is considered a separate legal entity and the remaining partners are responsible for continuing the business.
Public Notice of Death
In cases where a partner dies and the firm continues to do business without giving public notice of the death, the estate of the deceased partner is still not liable for any acts done by the firm after the partner's death.
Continuation of Business
If the firm continues to do business after the death of a partner, it is important to follow certain procedures to ensure that the estate of the deceased partner is not held liable for any debts or obligations of the partnership. These procedures may include:
- Informing all customers and suppliers of the partner's death
- Updating any legal documents related to the partnership
- Notifying any relevant government agencies
Proportionate Liability
In some cases, the estate of a deceased partner may be held proportionately liable for any debts or obligations of the partnership that arose before the partner's death. This means that the estate may be responsible for a portion of the partnership's debts based on the deceased partner's share of the partnership.
However, this is generally not the case for debts or obligations that arise after the partner's death, as the remaining partners are responsible for continuing the business and any new debts or obligations that arise.
When a partner dies, his or her estate is generally not held liable for the debts and obligations of the partnership. This is because the partnership is considered a separate legal entity and the remaining partners are responsible for continuing the business.
Public Notice of Death
In cases where a partner dies and the firm continues to do business without giving public notice of the death, the estate of the deceased partner is still not liable for any acts done by the firm after the partner's death.
Continuation of Business
If the firm continues to do business after the death of a partner, it is important to follow certain procedures to ensure that the estate of the deceased partner is not held liable for any debts or obligations of the partnership. These procedures may include:
- Informing all customers and suppliers of the partner's death
- Updating any legal documents related to the partnership
- Notifying any relevant government agencies
Proportionate Liability
In some cases, the estate of a deceased partner may be held proportionately liable for any debts or obligations of the partnership that arose before the partner's death. This means that the estate may be responsible for a portion of the partnership's debts based on the deceased partner's share of the partnership.
However, this is generally not the case for debts or obligations that arise after the partner's death, as the remaining partners are responsible for continuing the business and any new debts or obligations that arise.
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A. B. C are partners in a partnership firm. During the F.Y. 2008-09 fi...
Correct Answer is D because in the absence of partnership deed profit of the firm is to be distributed among the partner in equal ratio. 18000 /3= 6000
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A. B. C are partners in a partnership firm. During the F.Y. 2008-09 firm earned profit amounting to Rs. 18,000. They distributed the profit in the ratio of 2:2:1. But there is no partnership deed of the firm. Necessary adjustment entry will be :a)P & L Adjustment A/cDr. 18,000To A’s Capital A/c 7,200To B’s Capital A/c 7,200To C’s Capital A/c 3,600b)P & L Adjustment A/cDr. 18,000To A’s Capital A/c 6,000To B’s Capital A/c 6,000To Cs Capital A/c 6,000c)A’s Capital A/c Dr. 1,200B’s Capital A/c Dr. 1,200To C’s Capital A/c 2,400d)None of the aboveCorrect answer is option 'C'. Can you explain this answer?
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A. B. C are partners in a partnership firm. During the F.Y. 2008-09 firm earned profit amounting to Rs. 18,000. They distributed the profit in the ratio of 2:2:1. But there is no partnership deed of the firm. Necessary adjustment entry will be :a)P & L Adjustment A/cDr. 18,000To A’s Capital A/c 7,200To B’s Capital A/c 7,200To C’s Capital A/c 3,600b)P & L Adjustment A/cDr. 18,000To A’s Capital A/c 6,000To B’s Capital A/c 6,000To Cs Capital A/c 6,000c)A’s Capital A/c Dr. 1,200B’s Capital A/c Dr. 1,200To C’s Capital A/c 2,400d)None of the aboveCorrect answer is option 'C'. Can you explain this answer? 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 A. B. C are partners in a partnership firm. During the F.Y. 2008-09 firm earned profit amounting to Rs. 18,000. They distributed the profit in the ratio of 2:2:1. But there is no partnership deed of the firm. Necessary adjustment entry will be :a)P & L Adjustment A/cDr. 18,000To A’s Capital A/c 7,200To B’s Capital A/c 7,200To C’s Capital A/c 3,600b)P & L Adjustment A/cDr. 18,000To A’s Capital A/c 6,000To B’s Capital A/c 6,000To Cs Capital A/c 6,000c)A’s Capital A/c Dr. 1,200B’s Capital A/c Dr. 1,200To C’s Capital A/c 2,400d)None of the aboveCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A. B. C are partners in a partnership firm. During the F.Y. 2008-09 firm earned profit amounting to Rs. 18,000. They distributed the profit in the ratio of 2:2:1. But there is no partnership deed of the firm. Necessary adjustment entry will be :a)P & L Adjustment A/cDr. 18,000To A’s Capital A/c 7,200To B’s Capital A/c 7,200To C’s Capital A/c 3,600b)P & L Adjustment A/cDr. 18,000To A’s Capital A/c 6,000To B’s Capital A/c 6,000To Cs Capital A/c 6,000c)A’s Capital A/c Dr. 1,200B’s Capital A/c Dr. 1,200To C’s Capital A/c 2,400d)None of the aboveCorrect answer is option 'C'. Can you explain this answer?.
A. B. C are partners in a partnership firm. During the F.Y. 2008-09 firm earned profit amounting to Rs. 18,000. They distributed the profit in the ratio of 2:2:1. But there is no partnership deed of the firm. Necessary adjustment entry will be :a)P & L Adjustment A/cDr. 18,000To A’s Capital A/c 7,200To B’s Capital A/c 7,200To C’s Capital A/c 3,600b)P & L Adjustment A/cDr. 18,000To A’s Capital A/c 6,000To B’s Capital A/c 6,000To Cs Capital A/c 6,000c)A’s Capital A/c Dr. 1,200B’s Capital A/c Dr. 1,200To C’s Capital A/c 2,400d)None of the aboveCorrect answer is option 'C'. Can you explain this answer? 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 A. B. C are partners in a partnership firm. During the F.Y. 2008-09 firm earned profit amounting to Rs. 18,000. They distributed the profit in the ratio of 2:2:1. But there is no partnership deed of the firm. Necessary adjustment entry will be :a)P & L Adjustment A/cDr. 18,000To A’s Capital A/c 7,200To B’s Capital A/c 7,200To C’s Capital A/c 3,600b)P & L Adjustment A/cDr. 18,000To A’s Capital A/c 6,000To B’s Capital A/c 6,000To Cs Capital A/c 6,000c)A’s Capital A/c Dr. 1,200B’s Capital A/c Dr. 1,200To C’s Capital A/c 2,400d)None of the aboveCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A. B. C are partners in a partnership firm. During the F.Y. 2008-09 firm earned profit amounting to Rs. 18,000. They distributed the profit in the ratio of 2:2:1. But there is no partnership deed of the firm. Necessary adjustment entry will be :a)P & L Adjustment A/cDr. 18,000To A’s Capital A/c 7,200To B’s Capital A/c 7,200To C’s Capital A/c 3,600b)P & L Adjustment A/cDr. 18,000To A’s Capital A/c 6,000To B’s Capital A/c 6,000To Cs Capital A/c 6,000c)A’s Capital A/c Dr. 1,200B’s Capital A/c Dr. 1,200To C’s Capital A/c 2,400d)None of the aboveCorrect answer is option 'C'. Can you explain this answer?.
Solutions for A. B. C are partners in a partnership firm. During the F.Y. 2008-09 firm earned profit amounting to Rs. 18,000. They distributed the profit in the ratio of 2:2:1. But there is no partnership deed of the firm. Necessary adjustment entry will be :a)P & L Adjustment A/cDr. 18,000To A’s Capital A/c 7,200To B’s Capital A/c 7,200To C’s Capital A/c 3,600b)P & L Adjustment A/cDr. 18,000To A’s Capital A/c 6,000To B’s Capital A/c 6,000To Cs Capital A/c 6,000c)A’s Capital A/c Dr. 1,200B’s Capital A/c Dr. 1,200To C’s Capital A/c 2,400d)None of the aboveCorrect answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation.
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Here you can find the meaning of A. B. C are partners in a partnership firm. During the F.Y. 2008-09 firm earned profit amounting to Rs. 18,000. They distributed the profit in the ratio of 2:2:1. But there is no partnership deed of the firm. Necessary adjustment entry will be :a)P & L Adjustment A/cDr. 18,000To A’s Capital A/c 7,200To B’s Capital A/c 7,200To C’s Capital A/c 3,600b)P & L Adjustment A/cDr. 18,000To A’s Capital A/c 6,000To B’s Capital A/c 6,000To Cs Capital A/c 6,000c)A’s Capital A/c Dr. 1,200B’s Capital A/c Dr. 1,200To C’s Capital A/c 2,400d)None of the aboveCorrect answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
A. B. C are partners in a partnership firm. During the F.Y. 2008-09 firm earned profit amounting to Rs. 18,000. They distributed the profit in the ratio of 2:2:1. But there is no partnership deed of the firm. Necessary adjustment entry will be :a)P & L Adjustment A/cDr. 18,000To A’s Capital A/c 7,200To B’s Capital A/c 7,200To C’s Capital A/c 3,600b)P & L Adjustment A/cDr. 18,000To A’s Capital A/c 6,000To B’s Capital A/c 6,000To Cs Capital A/c 6,000c)A’s Capital A/c Dr. 1,200B’s Capital A/c Dr. 1,200To C’s Capital A/c 2,400d)None of the aboveCorrect answer is option 'C'. Can you explain this answer?, a detailed solution for A. B. C are partners in a partnership firm. During the F.Y. 2008-09 firm earned profit amounting to Rs. 18,000. They distributed the profit in the ratio of 2:2:1. But there is no partnership deed of the firm. Necessary adjustment entry will be :a)P & L Adjustment A/cDr. 18,000To A’s Capital A/c 7,200To B’s Capital A/c 7,200To C’s Capital A/c 3,600b)P & L Adjustment A/cDr. 18,000To A’s Capital A/c 6,000To B’s Capital A/c 6,000To Cs Capital A/c 6,000c)A’s Capital A/c Dr. 1,200B’s Capital A/c Dr. 1,200To C’s Capital A/c 2,400d)None of the aboveCorrect answer is option 'C'. Can you explain this answer? has been provided alongside types of A. B. C are partners in a partnership firm. During the F.Y. 2008-09 firm earned profit amounting to Rs. 18,000. They distributed the profit in the ratio of 2:2:1. But there is no partnership deed of the firm. Necessary adjustment entry will be :a)P & L Adjustment A/cDr. 18,000To A’s Capital A/c 7,200To B’s Capital A/c 7,200To C’s Capital A/c 3,600b)P & L Adjustment A/cDr. 18,000To A’s Capital A/c 6,000To B’s Capital A/c 6,000To Cs Capital A/c 6,000c)A’s Capital A/c Dr. 1,200B’s Capital A/c Dr. 1,200To C’s Capital A/c 2,400d)None of the aboveCorrect answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice A. B. C are partners in a partnership firm. During the F.Y. 2008-09 firm earned profit amounting to Rs. 18,000. They distributed the profit in the ratio of 2:2:1. But there is no partnership deed of the firm. Necessary adjustment entry will be :a)P & L Adjustment A/cDr. 18,000To A’s Capital A/c 7,200To B’s Capital A/c 7,200To C’s Capital A/c 3,600b)P & L Adjustment A/cDr. 18,000To A’s Capital A/c 6,000To B’s Capital A/c 6,000To Cs Capital A/c 6,000c)A’s Capital A/c Dr. 1,200B’s Capital A/c Dr. 1,200To C’s Capital A/c 2,400d)None of the aboveCorrect answer is option 'C'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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