Partnership Accounts : Fundamentals of Partnership — Flashcards
ICSE · Class 12 · Accountancy
42 flashcards for Partnership Accounts : Fundamentals of Partnership (ICSE Class 12 Accountancy) to test yourself on key terms and facts.
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What is a partnership according to the statutory definition?
Answer
Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all. This is the legal definition used for partnership firms …
What is Haney’s definition of partnership?
Answer
Partnership is the relation existing between persons competent to make contracts, who agree to carry on a lawful business in common with a view to private gain. This definition highlights contract, la…
What are the essential features of partnership?
Answer
The essential features are: at least two persons, agreement, lawful business with profit motive, sharing of profits, relation of principal and agent, and business carried on by all or any of them acti…
Why is co-ownership of property not treated as partnership?
Answer
Co-ownership is not partnership because the motive is not to earn profit. Partnership requires a business with profit motive, while joint ownership of property may exist without any business activity.
Why is a charitable activity run jointly by persons not a partnership?
Answer
A charitable activity is not partnership because there is no profit motive. Partnership requires a lawful business carried on with a view to private gain.
How many persons are required to form a partnership, and what happens if the number falls to one?
Answer
At least two persons are required to form a partnership. If the number of partners is reduced to one, the partnership ceases to exist.
What is the maximum number of partners allowed under the Companies Act, 2013?
Answer
For the non-professional 'others' category, the maximum number of partners is 50. For specified professionals such as CA, ICWA, doctors, architects, and lawyers, there is no limit under the special pr…
Is registration of a partnership firm compulsory?
Answer
No. Registration of a partnership firm is not compulsory under the Indian Partnership Act, 1932. A firm may still choose to get registered.
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