B was an industrial partner. The Articles of Partnership required B that every week he will work for the partnership for not more than 40 hours a week. One day, B had to work for 50 hours a week. Among the rights of a partner, what can B avail to get payment for the extra hours of work for the partnership? a. Right to return of capital b. Right to compensation c. None of the above d. Right to share in the profits
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
B was an industrial partner. The Articles of Partnership required B that every week he will work for the partnership for not more than 40 hours a week. One day, B had to work for 50 hours a week. Among the rights of a partner, what can B avail to get payment for the extra hours of work for the partnership?
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