Absent any contract, what is a partner's right to remuneration for running the firm?
AA salary of one month
BA fixed monthly sum
CA share of turnover
DNo remuneration
Answer & Solution
Correct answer: D. No remuneration
Section 13 says that subject to contract a partner cannot claim pay for taking part in the conduct of the business.
Keep practising Partnership Accounts
Browse all Partnership Accounts questions for CA Foundation, or explore more Accounting topics.
Related questions
In an LLP, is a partner liable for another partner's unauthorised actions?An LLP partner's liability is limited to what?Which authority registers and controls LLPs in India?What minimum capital is needed to form an LLP?What is the minimum number of members needed to start an LLP?What is the upper limit on partners in an Indian LLP?What does perpetual succession mean for an LLP?Which Act is stated not to apply to Indian LLPs?