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Section – 30 of the Indian Partnership Act allow to admit a minor as the partner if all the partners are agree.

The fixed Capital method is one of the methods to maintain the capital accounts of partners in a partnership firm. Here are some Key Points:- Fixed Capital means capital invested by each partner remains fixed unless the partner introduces further…

Fluctuating Capital Method is one of the methods to maintain the capital account of partners in a partnership firm. Under Fluctuating Capital Accounts Method only on account, i.e., ‘Capital Account is maintained for each partner. All transactions of a partner,…

In the absence of a partnership Deed. The provisions of the Partnership Act 1932 Apply. The consent of all the partners is required to admit a new partner in the firm. Thus A partner has the right not to allow…

The Partnership Deed is a written document where the terms and conditions of the partnership are mentioned. It is a legal document signed by all the partners and normally has clauses on the following. Description of the Partners Description of…

It is always better to have a written agreement to avoid any dispute. It is a legal document and can be served as evidence in court if a dispute arises.

No in the absence of a written partnership Deed. The consent of all the partners is required to admit a new partner. Thus K can not be admitted. But if there is a partnership deed with a written agreement Y…

Rent to the Partner is considered a charge against Profit. Thus it would be recorded at the debit side of Profit and Loss Account. Note:- Charge against profit are the expense that is to be paid by the firm irrespective…

Fixed Capital account always has credit balance Whereas, the Fluctuating Capital Account may have credit or debit balance

The Companies Act, 2013 (Section 464) empowers the Central Government to prescribe a number of partners in a firm subject to a maximum of 100 Partners. The Central government has prescribed a maximum number of partners in a firm to…