PC Ltd. agreed to purchase business of a sole trader. For that purpose, goodwill is to be valued at 3 years purchase of the average profits of last 4 years. Profits for these years are : 2014 - 2015 - Rs.20,000. 2015-2016- Rs.22,500, 2016-2017-Rs. 23,000 and 2017-2018 - Rs. 25,000.
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Answer:
Explanation:
Association of two or more persons: There must be at least two persons and maximum of 50
persons to form a partnership and they must be competent to contract.
2) Partnership Agreement or Deed: There must be an agreement among partners to form a
partnership. It can be written or oral.
3) Legal Business: The business of the partnership firm must be a legally allowed business.
4) Sharing of Profits or Losses: The partners must share profits or losses in a certain ratio.
5) Mutual Agency: The partners mutually take part in daily routine work or the work may be
carried on by one or more partners on behalf of the other partners. Every partner is legally
liable for the acts of all other partners, whether he is taking part in the activities of the firm
or not.
6) Unlimited Liability: Partners' liability to the third parties is unlimited. If there are losses,
and the firm is not able to pay its debts fully, then all the partners shall be jointly and
severally liable to pay the debts of the firm to an unlimited extent.
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