--%>
Assignment Help - homework help

Rights of each partner

The rights of each partner: Under the Partnership Act, partners have the right to:

  • Share equally in profits and losses;
  • Indemnity;
  • Interest on advances;
  • Interest on capital;
  • Share in management of the business;
  • Wages / drawings;
  • Consent to introduction of new partners;
  • Change the fundamental nature of the business by unanimous vote;
  • Access partnership books; and
  • Expel a partner by majority – only if allowed for in a partnership agreement.

   Related Questions in Managerial Accounting

  • Q : Define Cost Object Cost Object (also

    Cost Object (also referred to as Cost Objective): It is an activity, item, or output whose cost is to be computed. In a wide sense, a cost object can be an organizational division, task, a function, product, service, or a customer.

    		•
  • Q : What are the steps involved in Process

    ACCOUNTING PROCESS:  The process of Accounting involves the following steps:

    Q : Describe Trust Accounting Trust

    Trust Accounting: It is the "accounting of each and every item of income and expenditures which are employed to find out the amount that certain beneficiaries will obtain from the trust each year." Actually, it is equivalent to all the revenues receiv

    		•
  • Q : The provision of management accounting

    explain how the provision of management accounting information can assist the management of a company with planning, controlling, decision making and communicating

    		•
  • Q : Define Cost Avoidance Cost Avoidance :

    Cost Avoidance: The action taken to decrease future costs, like replacing parts before they fail and cause harm to other portions. Cost avoidance might incur higher (or extra) costs in the short run however the final or life-cycle cost would be lower.

    		•
  • Q : What is Activity Analysis Activity

    Activity Analysis: The identification and explanation of activities in an association. The activity analysis comprises determining what activities are completed within a department and how many people execute the activities, how much

    		•
  • Q : Evaluate the strategic options Identify

    Identify and evaluate the strategic options in brief?

    		•
  • Q : Define Fixed Cost Fixed Cost: The cost

    Fixed Cost: The cost which does not differ in the short term with the volume of action. Fixed cost information is helpful for cost savings by regulating existing capacity, or by removing idle facilities. Also termed as Non-Variable Cost or the Constan

    		•
  • Q : Performance evaluation and

    Write down a short note on the Performance evaluation and control in decision making process?

    		•
  • Q : Activity-based costing Normal 0 false

    Normal 0