Commerce Exam > Commerce Videos > Crash Course for Commerce > Fundamental of partnership | introduction | chapter 1 | Class 12 accountancy | video 1
Fundamental of partnership | introduction | chapter 1 | Class 12 accountancy | video 1 Video Lecture | Crash Course for Commerce
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FAQs on Fundamental of partnership - introduction - chapter 1 - Class 12 accountancy - video 1 Video Lecture - Crash Course for Commerce
| 1. What are the fundamentals of partnership? |  |
Ans. The fundamentals of partnership include a legal agreement between two or more individuals to carry on a business together, sharing profits and losses, mutual agency, unlimited liability, and a joint ownership of the business.
| 2. What is the significance of mutual agency in a partnership? | |
Ans. Mutual agency is significant in a partnership as it allows each partner to act on behalf of the partnership and bind it legally to any agreements or contracts. This means that each partner has the authority to make decisions and take actions that affect the partnership.
| 3. What is unlimited liability in a partnership? | |
Ans. Unlimited liability in a partnership means that each partner is personally liable for all the debts and obligations of the partnership. This means that if the partnership is unable to pay its debts, the personal assets of the partners can be used to settle the obligations.
| 4. How is profit and loss shared in a partnership? | |
Ans. The profit and loss in a partnership are shared among the partners as per the agreed upon profit-sharing ratio. This ratio is usually based on the capital contributed by each partner or any other mutually agreed basis.
| 5. What is the difference between a partnership and a sole proprietorship? | |
Ans. The main difference between a partnership and a sole proprietorship is that a partnership involves two or more individuals sharing the ownership and management of a business, while a sole proprietorship is solely owned and managed by one individual. In a partnership, the liability is shared among the partners, whereas in a sole proprietorship, the owner has unlimited liability.
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Nov 09, 2024 Last updated |
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