If the partnership deed is silent, then what is the minimum salary or other remuneration paid to partner every month for taking part in the conduct of the business?
No salary
The correct answer is option 4. If the partnership deed is silent regarding the salary or remuneration, no salary is paid to the partners for taking part in the conduct of the business unless otherwise specified in the deed.
Similar Questions
According to Partnership Act 1932, which account is debited for the transfer of net loss?
A and B share profit in the ratio of 5 : 2. C is admitted as a partner who sets 1/7 share. If C acquires 3/28 from A and 1/28 from B, then what will be the new profit-sharing ratio?
A, B and C started a business with initial investments of Rs. 20000, Rs. 25000 and Rs. 10000, respectively. After 5 months from start, A invested Rs. 4000 more. After 6 months from start, C invested Rs. 8000 more. After 4 months from start, B withdrew Rs. 8000. At the end of the year, they will receive a profit of Rs. 'x'. In what ratio they will share the profits ?
Important Questions from Partnership
Kiran, Vimal and Naveen started a business by investing Rs. 1,35,000, Rs. 1,50,000 and Rs. 1,65,000 respectively. Find the share of each (respectively), out of an annual profit of Rs. 60,000.
When the incoming partner cannot bring premium for goodwill, then the necessary adjustment for goodwill is done through which one of the following?
Which one of the following rights is usually not available to a partner consequent to the dissolution of a firm?
A, B, C invest Rs. 20000, Rs. 30000, Rs. 40000 in a business. After one year, A withdrew his money but B and C continued for one more year. If the net profit after 2 years be Rs. 32000, then A’s share in the profit is:
Manoj received Rs. 6000 as his share out of the total profit of Rs. 9000 which he and Ramesh earned at the end of one year. If Manoj invested Rs. 20000 for 6 months, whereas Ramesh invested his amount for the whole year, what was the amount invested by Ramesh?
