Question

Q1. Chander and Suman are partners in firm without a partnership deed. Chander's capital is Rs. 10,000 and Suman's capital is Rs. 14,000 . Chander has advanced a loan of Rs. 5,000 and claims interest @ 12 p.a on it . State with reasons whether his claim is valid or not . Q2. State any Two factors affecting the value of goodwill of a firm . Q3. State the conditions under which the capital balance may change under the system of a Fixed Capital Account . Q4. State one difference between fixed capital account an fluctuating capital account of partners . Q5. In the absence of partnership deed , state the provisions of patnership Act for allowing interest on Partners Capital and Partners loan. Q6. Can partber be exempted from sharing the losses in a firm ? If yes , under what circumstances. Q7. State the circumstances under which the balance of Fixed Capital Account of a partner may change . Q8. Why is 'Goodwill' considered an 'intangible asset' but not a 'fictitious asset' . Q9. Do all firmsneed a deed and registration? Q10. What are normal profits? Q11. Why is it that the capital Account of a partner does not show a "Debit Balance' . In spite of regular and consistent losses year after year?

Answer 1

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Answer 2

Answer:

Q1. Chander's claim is not valid as in the partnership deed, interest on partner's loan is provided @ 6% p.a.