ANSWER :
- ★ The share of profit for a "sleeping partner" who has contributed 75% of the total capital in the absence of a partnership deed would be equal to the share of all the other partners.
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EXPLANATION :
We know that, a sleeping partner of a partnership firm, is a person who contributes some of the capital for the firm, but does not take an active part in the management and operation of business.
Again, there are some rules as provided in the Partnership Act, 1932 which are to be followed by the partners of a partnership firm, carried on in absence of a partnership deed. One of those rules is that, the partners of a partnership firm shall share profits or losses equally in absence of the partnership deed.
It implies that, all the partners of a partnership firm will get equal share of profits as well as will bear equal portion of losses in absence of the partnership deed. The amount of capital provided by them or nature of partners are not considered in this case.
- ✎ Now, in the question, it is mentioned that the partnership business is carried on in absence of a partnership deed where a "sleeping partner" has contributed 75% of the total capital of the business. Therefore, as provided by the Partnership Act, 1932, the sleeping partner will get equal share of profits irrespective of the amount of capital provided by him.
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Answer:
:
★ The share of profit for a "sleeping partner" who has contributed 75% of the total capital in the absence of a partnership deed would beequal to the share of all the other partners.
___________________________________________________________
EXPLANATION :
We know that, a sleeping partner of a partnership firm, is a person who contributes some of the capital for the firm, but does not take an active part in the management and operation of business.
- Again, there are some rules as provided in the Partnership Act, 1932 which are to be followed by the partners of a partnership firm, carried on in absence of a partnership deed. One of those rules is that, the partners of a partnership firm shall share profits or losses equally in absence of the partnership deed.
It implies that, all the partners of a partnership firm will get equal share ar equal portion of losses inabsenceofthepartnership deed. The amount of capital provided by them or nature of partners are not considered in this case.
- ✎ Now, in the question, it is mentioned that the partnership business is carried on in absence of a partnership deed where a "sleeping partner" has contributed 75% of the total capital of the business. Therefore, as provided by the Partnership Act, 1932,thesleepingpartnerwill get equal share of profits irrespective of theamountofcapital provided by him
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A partnership firm, ABC & Co., consists of two partners, Mr. X and Mr. Y, sharing profits and losses in the ratio of 3:2. The partners decide to a…dmit Mr. Z into the partnership. Mr. Z invests $50,000 in cash and acquires a 1/5th share of the profits. The new profit-sharing ratio between the existing partners (X and Y) is adjusted to 2:2:1. Find goodwill and new profit sharing ratio and sacrificing ratio
