Question
Under the Indian Partnership Act, 1932, Section 13,
partners are entitled to which of the following by default?Solution
Section 13 of the Partnership Act establishes the default profit-sharing rule: partners share profits equally unless there's an express or implied agreement to the contrary. Notably, partners are not entitled to salary, interest on capital, or remuneration for work unless specifically agreed, emphasizing partnership as a relation of mutual trust rather than employment.
A tradesman marks his goods 32% above the cost price and allows his customers 10% reduction on their bills. What percentage profit does he make?
When an item is sold for Rs. 800, the profit is 10% more than when it's sold for Rs. 780. To achieve a 60% profit, determine the selling price.
A dishonest fruit seller sells fruits at 8 % loss. If he uses 860gm weight in place of 1kg weight, then what is his profit percent?
In a certain store, the profit is 320% of the cost. If the cost increases by 25% but the selling price remains constant, approximately what perce...
Ankush sold shoes 'P' and 'Q' with a 40% profit on 'P' and a 20% loss on 'Q'. Given that the selling prices of both shoes are equal, determine the ratio...
Ratio of MP and SP of an article is 8:5 and the article is sold at 25% profit. Find cost price of article, if the selling price is 200 more than its CP?
The cost price of 23 mangoes is Rs.200. Because of bad quality of mangoes, the shopkeeper has to sell mangoes at a loss that is equal to selling price o...
A shopkeeper buys an article for Rs 360. He marks it 25% above the cost price and offers a discount of 10% on the marked price. What is his profit (in r...
If the cost price of 9 pens is equal to the selling price of 11 pens, then what is gain or loss percentage?
- A shopkeeper buys a total of 27 items, consisting of tables and chairs. The cost price ratio of one table to one chair is 20:9. Each table is sold at a 25%...
