2.1.A)Answer in one sentence only.
1) Write the steps to create a company.
2)What do you mean by renewal of bill?
3) Who bears the capital deficiency of insol
4) What do you mean by 'Not for profit' co
What rate of interest is allowed on partne
B) Complete the Sentences :
Answers
Answer:
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Answer:
1)After entering into Accounting software Tally, double click on the option, create company, under company information. Then follow navigation path. Gateway of Tally > Company Info > Create Company.
Fill the detail information in the company creation form, displayed on the screen – Company creation window.
2)For a prolonged time, cancelling the old bill and drawing up a fresh bill is called the Renewal of Bill. Drawee is requested to pay interest for the extended duration, which can be charged in cash or added to the sum of the new bill.
3) The capital deficiency of an insolvent partner is borne by all other solvent partners in their profit-sharing ratio.
4)Similar to a nonprofit, a not-for-profit organization (NFPO) is one that does not earn profit for its owners. All money earned through pursuing business activities or through donations goes right back into running the organization.
What rate of interest is allowed on partne
ans:-Thus payment of any simple interest to any partner is allowed only to the extent of 12% per annum as deduction as per section 40(b). Even if the partnership deed authorizes any payment of higher rate of interest than 12% to any partner, the excess of interest will not be deducted.
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