Q)Anil, Sunil and Sahil were partners in a firm sharing profits and losses in the ratio of 5:3:2. The partners decide to share future profits and losses in the ratio of 3:2:1.Each partner’s gain or sacrifice due to change in the ratio will be:
a)Anil Gain 1/30; Sunil Nil ;Sahil Sacrifice 1/30
b)Anil Nil ; Sunil Sacrifice 1/30 ;Sahil Gain 1/30
c)Anil Sacrifice 1/30; Sunil Gain; 1/30; Sahil Nil
d)Anil Nil; Sunil Gain 1/30; Sahil Sacrifice 1/30
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A tax is a mandatory financial charge or some other type of levy imposed on a taxpayer by a governmental organization in order to fund government spending and various public expenditures. A failure to pay, along with evasion of or resistance to taxation, is punishable by law. Taxes consist of direct or indirect taxes and may be paid in money or as its labour equivalent. The first known taxation took place in Ancient Egypt around 3000–2800 BC.
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