Master X was introduced to the benefits of partnership of M/s ABC & Co. with the consent of all partners. After attaining majority, more than six months elapsed and he failed to give a public notice as to whether he elected to become or not to become a partner in the firm. Later on, Mr. L, a supplier of material to M/s ABC & Co., filed a suit against M/s ABC & Co. for recovery of the debt due. In the light of the Indian Partnership Act, 1932, explain: (i) To what extent X will be liable if he failed to give public notice after attaining majority? (ii) Can Mr. L recover his debt from X?
Answers
According to the Indian Partnership Act, 1932, if Master X fails to give a public notice within six months of attaining majority as to whether he elects to become a partner in the firm or not, he will be deemed to be a partner in the firm by default.
This means that X will be liable for any debts or obligations incurred by the firm after he attains majority, even if he did not actively choose to become a partner.
However, in the case of Mr. L's suit against M/s ABC & Co. for recovery of debt, X's liability will depend on whether the debt was incurred before or after he attained majority. If the debt was incurred before X attained majority, he will not be liable for it. But if the debt was incurred after X attained majority and he failed to give public notice of his election, he will be liable for it as a deemed partner of the firm.
As for Mr. L's ability to recover his debt from X, he can only do so if the debt was incurred after X attained majority and he is deemed to be a partner in the firm. In such a case, Mr. L can recover the debt from any or all of the partners of M/s ABC & Co., including X.
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Related Questions
How has globalization effected China? PLS HELP, I NEED BULLET POINTS, NO LINKS :>
Answers
Answer:
Hey mate.....
Explanation:
This is ur answer....
As the global economy shifts its focus towards China, new opportunities for businesses to enter the Chinese market are emerging. In other words, the impact of globalisation on China's economic growth is already being felt. China is rapidly becoming the new champion of economic cooperation, trade and globalisation.
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TufStuff, Inc., sells a wide range of drums, bins, boxes, and other containers that are used in the chemical industry. One of the company's products is a heavy-duty corrosion-resistant metal drum, called the WVD drum, used to store toxic wastes. Production is constrained by the capacity of an automated welding machine that is used to make precision welds. A total of 2,000 hours of welding time is available annually on the machine. Because each drum requires 0.4 hours of welding time, annual production is limited to 5,000 drums. At present, the welding machine is used exclusively to make the WVD drums. The accounting department has provided the following financial data concerning the WVD drums:
Management believes 6,000 WVD drums could be sold each year if the company had sufficient manufacturing capacity. As an alternative to adding another welding machine, management has considered buying additional drums from an outside supplier. Harcor Industries, Inc., a supplier of quality products, would be able to provide up to 4,000 WVD-type drums per year at a price of $138 per drum, which TufStuff would resell to its customers at its normal selling price after appropriate relabeling.
Megan Flores, TufStuff's production manager, has suggested that the company could make better use of the welding machine by manufacturing bike frames, which would require only 0.5 hours of welding time per frame and yet sell for far more than the drums. Megan believes that TufStuff could sell up to 1,600 bike frames per year to bike manufacturers at a price of $239 each. The accounting department has provided the following data concerning the proposed new product:
The bike frames could be produced with existing equipment and personnel. Manufacturing overhead is allocated to products on the basis of direct labor-hours. Most of the manufacturing overhead consists of fixed common costs such as rent on the factory building, but some of it is variable. The variable manufacturing overhead has been estimated at $1.35 per WVD drum and $1.90 per bike frame. The variable manufacturing overhead cost would not be incurred on drums acquired from the outside supplier.
Selling and administrative expenses are allocated to products on the basis of revenues. Almost all of the selling and administrative expenses are fixed common costs, but it has been estimated that variable selling and administrative expenses amount to $0.75 per WVD drum whether made or purchased and would be $1.30 per bike frame.
All of the company's employees-direct and indirect-are paid for full 40 -hour workweeks and the company has a policy of laying off workers only in major recessions.
Required:
Given the margins of the two products as indicated in the reports submitted by the accounting department, does it make sense to consider producing the bike frames? Explain.
Answers
No, because it took into account allocated fixed expenses as well, the Product Margin as calculated by the Accounting Department should not be used to make such decisions. When making decisions, variable costs should be taken into account.
What is the profit margin?
Profitability is gauged by profit margin. Finding the profit as a proportion of revenue is used to calculate it. Gross profit margin, operating profit margin, and net profit margin are the three different forms of profit margins. Gross profit is multiplied by net sales to determine gross profit margin.
The product's gross profit margin is determined by the discrepancy between the selling price and the product cost. The gross profit margin is divided by the selling price to produce the product margin. Product margin is equal to the product's selling price divided by its cost. Typically, product margins are expressed as percentages.
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20. On January 1, an insurance company has 105,000 which is due to Linden as a life insurance death benefit. He chooses to receive the benefit annually over a period of 16 years, with the first payment immediately. The benefit he receives is based on an effective interest rate of 5.5% per annum. The insurance company earns interest at an effective rate of 6% per annum. Every July 1, the company pays 180 in expenses and taxes to maintain the policy. At the end of 7 years, the company has X remaining. Calculate X.
Answers
Okay, here are the steps to solve this problem:
1) On Jan 1, the life insurance death benefit due to Linden is $105,000.
2) Linden chooses to receive this over 16 years, with the first payment immediately. So each annual payment will be $105,000 / 16 = $6,562.50.
3) The effective interest rate Linden earns is 5.5% per year. So on the first payment, he earns 5.5% of $6,562.50 = $360 in interest. The next year, he earns 5.5% of ($6,562.50 + $360) = $379.40 in interest, and so on.
4) The insurance company earns 6% interest per year on the remaining balance.
5) Each July 1, the company pays $180 in expenses.
6) After 7 years, the remaining balance in the account is X.
7) Let's break this down year by year:
Year 1: Payment to Linden = $6,562.50. Interest earned by Linden = $360. Remaining balance = $105,000 - $6,562.50 - $360 = $97,877.50.
Year 2: Payment to Linden = $6,562.50. Interest earned by Linden = $379.40. Remaining balance = $97,877.50 - $6,562.50 - $379.40 = $90,935.60.
Year 3: ...
Year 4: ...
Year 5: ...
Year 6: ...
Year 7: Payment to Linden = $6,562.50. Interest earned by Linden = $528.87. Expenses paid = $180. Remaining balance = $90,935.60 - $6,562.50 - $528.87 - $180 = $83,663.23.
Therefore, at the end of 7 years, the remaining balance in the account is $X = $83,663.23.
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identifying an example of the factor of production labour used in producing the Nano
Answers
Answer:
The Four Factors of Production
Land Labor Capital
The physical space and the natural resources in it (examples: water, timber, oil) The people able to transform resources into goods or services available for purchase A company's physical equipment and the money it uses to buy
On December 31 of the current year, Plunkett Company reported an ending inventory balance of $215,000. The following additional information is also available:Plunkett sold and shipped goods costing $38,000 to Savannah Enterprises on December 28 with shipping terms of FOB shipping point. The goods were not included in the ending inventory amount of $215,000.Plunkett purchased goods costing $44,000 on December 29. The goods were shipped FOB destination and were received by Plunkett on January 2 of the following year. The shipment was a rush order that was supposed to arrive by December 31. These goods were included in the ending inventory balance of $215,000.Plunkett's ending inventory balance of $215,000 included $15,000 of goods being held on consignment from Carole Company. (Plunkett Company is the consignee.)Plunkett's ending inventory balance of $215,000 did not include goods costing $95,000 that were shipped to Plunkett on December 27 with shipping terms of FOB destination and were still in transit at year-end.Based on the above information, the amount that Plunkett should report in ending inventory on December 31 is:_____________A. $194,000B. $209,000C. $200,000D. $171,000E. $156,000
Answers
The amount that Plunkett should report in ending inventory on December 31 is: E. $156,000.
Ending inventoryUsing this formula
Ending inventory= Ending inventory balance - FOB destination goods purchased - Goods being held on consignment
Let plug in the formula
Ending inventory= $215,000 - $44,000 - $15,000
Ending inventory= $156,000
Therefore the correct option is E.
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Many consumers buy soft drinks and potato chips together when they shop at a grocery, convenience, or mass merchandiser store. But when querying its marketing information system (MIS), one convenience store discovered that when consumers bought a sandwich, many also purchased toothpaste. This information was obtained from checkout scanner data from its stores nationwide. This convenience store used ________ to extract this hidden information from its MIS to find the statistical link
Data Mining
Answers
The convenience store used Data Mining to extract the hidden information from its MIS to find the statistical link.
In the given scenario, the convenience store used data mining to extract hidden information from its marketing information system (MIS) to find a statistical link. This information was obtained from checkout scanner data from its stores nationwide.
The combination of soft drinks and potato chips is a classic example of consumer behavior, and the store was already aware of it. However, when they probed their marketing information system further, they discovered that many customers who bought sandwiches also purchased toothpaste, which was a previously unknown behavior.
Data mining is the process of extracting knowledge from large data sets using statistical and computational methods. It is a technique used to uncover hidden patterns or relationships in data that can be used to predict future behavior or events. Hence, the given scenario is an excellent example of data mining.
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the revolution in management that is currently under way suggests that the most effective managers of the future will
Answers
The current management revolution suggests that the most effective future managers will need to "be skilled communicators and team players."
This is because, unlike in the past, when employees tend to follow the manager's instructions to the letter without questions, many employees today tend to speak back or ask more questions.
Also, coupled with the fact that many today's employees prefer working without strict supervision, the tendency for conflicts to occur increases, and the need for motivation becomes significant.
Hence, in this case, it is concluded that future managers would need to be good communicators and team players, not just among the executives but also among the lower employees.
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Which symbol should you use for entering a formula in a cell?
A. +
B. =
C. $
D. ÷
E. #
Answers
Answer:
b) =
Explanation:
The equal sign ( = ) is the symbol that should be used for entering a formula in a cell. Hence, option (b) is the answer.
In one week, Jill works at
Starbucks for 15 hours and is
paid $12 per hour. She earns
another $20 in tips. Jill also
works at a basketball referee at
the Kroc Center for 10 hours as
a pay rate of $11 per hour.
Jill's dad is a car mechanic and
Jill earns a 10% commission on
the first service for any new
customer she sends to her
dad's shop. Her dad did a
$1,000 brake job for a new
customer Jill sent to him.
What is Jill's gross income for
this week?
Answers
Answer:
$410
Explanation:
In one week, Jill works at Starbucks for 15 hours and is paid $12 per hour. She earns another $20 in tips. Jill also works at a basketball referee at
the Kroc Center for 10 hours as a pay rate of $11 per hour. Jill's dad is a car mechanic and Jill earns a 10% commission on the first service for any new customer she sends to her dad's shop. Her dad did a $1,000 brake job for a new customer Jill sent to him. What is Jill's gross income for this week?
starbucks: (15 * 12) + 20 = $200
krock center: 10 * 11 = $110
commission: 1,000 * 0.10 = $100
200 + 110 + 100 = $410
what is the process managers use to create a structure of relationships among employees that maximizes their efficiency and effectiveness, allowing them to accomplish organizational goals?
Answers
The process managers use to create a structure of relationships among employees that maximizes their efficiency and effectiveness is known as organizational design.
Organizational design involves determining the most effective way to structure and manage the resources and tasks of the organization to achieve its goals. Managers may use various approaches such as hierarchical, flat, or matrix structures to create a clear chain of command and define roles and responsibilities for employees.
The design should also consider factors such as communication channels, decision-making processes, and workflow patterns to ensure that employees can work together efficiently and effectively. Ultimately, the goal of organizational design is to create a structure that promotes collaboration, innovation, and success for the organization and its employees.
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When faced with needing additional money during college, which option is NOT true?
Taking on a job can cut into study time.
Paying with credit cards can end up costing more money.
Paying with additional loans can lead to connections and opportunities.
Taking on a job can make connections that lead to opportunities.
Answers
Answer:
c
Explanation:
Additional loan incurs more debt doesn't lead to opportunities or connections
The private enterprise system assumes that competition benefits consumers. Group of answer choices True False
Answers
The given statement is true about the private enterprise system assumes that competition benefits consumers.
Consumers are individuals or groups who do not actively engage in entrepreneurial or commercial operations but who plan to order or use acquired goods, services, or products primarily for personal, social, family, or household requirements. A person who buys products and services for personal consumption is most frequently referred to by the word. The primary goal of a consumer's purchases in an economy is consumption, not resale or business. Buyers of products or services make a financial investment before consuming. As a result, consumers are a core component of all economies and play a crucial role in the economic system of a capitalist society. Without consumer demand, one of the main driving forces behind production the desire to sell to customers would not exist.
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Receiving payment of a portion of an accounts receivable will___ a. not affect total assets. b. increase liabilities. c. increase stockholders' equity d. decrease net income.
Answers
The correct reply is choice a. Have no impact on whole assets. When cash is received from a purchaser on account, the corresponding quantity is reduced.
What takes place when you receive accounts receivable?On a trial balance, accounts receivable is a debit until the customer pays. Once the patron has paid, you may savings debts receivable and debit your cash account, when you consider that the money is now in your bank and no longer owed to you. The ending balance of debts receivable on your trial balance is commonly a debit.
Accounts receivable is a modern-day asset that results when a business enterprise reports revenues from sales of merchandise or the imparting of services on credit score using the accrual foundation of accounting. The effect on the company's balance sheet is an increase in present day assets and an make bigger in owner's or stockholders' equity.
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ACTIVITY 2.
Identify and explain briefly the question below
1 What are the 4P's in marketing plan?Explain each
А__________
B__________
С__________
D__________
Answers
Answer:
A. Product
B. Price.
C. Place.
D. Promotion.
Explanation:
Marketing plan can be defined as the choices about product attributes, pricing, distribution, and communication strategy that a company blends and offer its targeted markets (customers) so as to build and maintain a desired response.
Generally, a marketing plan is made up of the four (4) Ps and these includes;
1. Products: this is typically the goods and services that gives satisfaction to the customer's needs and wants. They are either tangible or intangible items.
2. Price: this represents the amount of money a customer buying goods and services are willing to pay for it.
3. Place: this represents the areas of distribution of these goods and services for easier access by the potential customers.
4. Promotions: for a good sales record or in order to increase the number of people buying a product and taking services, it is very important to have a good marketing communication such as advertising, sales promotion, direct marketing etc.
What is the opportunity cost of the first 20 computers? dvd(s) c. between which two consecutive points along the ppc is the opportunity cost of dvds the highest?
Answers
10 WRONG
B and A
Two consecutive points along the PPC is the opportunity cost of DVDs increasing.
What is the opportunity cost of moving from point C to D?The opportunity cost of moving from point C to D is 40 tons of oranges. The per-unit opportunity cost of moving from point C to point D is 1/2 ton of oranges (40 tons of oranges/80 tons of pears). Economic growth is shown by a shift to the right of the production possibilities curve.What is the opportunity cost of computers?Opportunity cost is a different metric for cost. The amount of wheat that could be produced using the labor required to make one computer, in our example, is the opportunity cost of a computer. Comparative advantage is the capacity to produce a good at a lower opportunity cost than another producer.To learn more about Opportunity Cost, refer
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What effects did the 2008 economic crisis have on wealth and income inequality in the United States and Canada? ► View Available Hint(s) O Both wealth and income inequality have become more pronounced in both countries since 2008. O The crisis resulted in a smaller gap between the rich and poor. O Both countries responded by increasing taxes on the wealthy and increasing welfare benefits to the poor, thus reducing the gap. O The medium income for whites and blacks declined but increased for Canada's indigenous. O Canada responded to the crisis by redistributing wealth more evenly among its citizens, but the United States did not.
Answers
The 2008 economic crisis increased wealth and income inequality in both the United States and Canada.
The crisis had a profound effect on the distribution of wealth and income, particularly in the United States, where the top 1% saw their share of national income increase dramatically while the middle class and poor saw their incomes decline. The crisis also had a disproportionate impact on black and Hispanic communities, who were more likely to lose their homes and jobs than white Americans. In Canada, the crisis led to an increase in poverty rates and a decline in living standards for many families, but the government responded by increasing social welfare spending and redistributing wealth more evenly among its citizens. Despite these efforts, however, income inequality remains a significant issue in both countries, highlighting the need for ongoing policy interventions to address this growing problem.
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What is the term used to describe a design created to represent a company or
brand?
A. Headline
B. Visual
C. Logo
D. Body copy
Answers
Answer:
logo
Explanation:
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Cronin Corp. has preferred stock that just paid an annual dividend of $5. It will continue to pay $5 each year into perpetuity. Their preferred stock has a par value of $80, but is currently selling for $100. The cost of Cronin's preferred stock is and the most money a preferred shareholder would ever be able to get in the case of the firm's bankruptcy (liquidation) at some future time is 6.25%; $100 O 5.00%; $100 6.25%; $80 O 5.00%; $80 1 pts None of the above are correct.
Answers
The cost of Cronin Corp.'s preferred stock is 5% based on the dividend yield and market price. The most money a preferred shareholder could receive in case of bankruptcy is $80, the par value.
The cost of Cronin Corp.'s preferred stock can be determined by dividing the annual dividend by the current market price. Here's the calculation:
Cost of preferred stock = Annual dividend / Market price
Cost of preferred stock = $5 / $100
Cost of preferred stock = 0.05 or 5%
Therefore, the cost of Cronin Corp.'s preferred stock is 5%.
However, the statement also mentions the most money a preferred shareholder would ever be able to get in the case of the firm's bankruptcy (liquidation) at some future time. This refers to the liquidation value of the preferred stock, which is typically equal to the par value. In this case, the par value of Cronin Corp.'s preferred stock is $80.
So, to answer the second part of the question, the most money a preferred shareholder would be able to get in the case of the firm's bankruptcy is $80.
Hence, the correct answer is 5.00%; $80.
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why does saturn have the coldest surface temp?
Answers
Answer:
distance from the Sun
Explanation:
because of Saturn's tilt, the southern and northern hemispheres are heated differently, causing seasonal temperature variation.
the distinction between moral development and moral competence is the description of what theory?
Answers
The distinction between moral development and moral competence is described by Lawrence Kohlberg's theory of moral development. Kohlberg proposed that moral development occurs in stages, progressing from lower levels of moral reasoning to higher levels.
Moral development refers to the cognitive and psychological growth that individuals undergo as they acquire a more sophisticated understanding of moral principles and values.
On the other hand, moral competence refers to the practical application of moral reasoning in real-life situations. It involves the ability to make ethical judgments, take moral actions, and navigate moral dilemmas effectively. While moral development focuses on the internal cognitive processes of moral reasoning, moral competence emphasizes the external manifestation of moral behavior.
Kohlberg's theory suggests that moral development and moral competence are closely related, as individuals' moral competence is influenced by their level of moral reasoning. As individuals progress through the stages of moral development, they become more capable of making principled ethical decisions and demonstrating morally competent behavior.
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This one too clicked by me how's it
Answers
Answer:
looks good look gorgeous
Imagine that you are a Guatemalan farmer, working on a United Fruit Company farm around the time that the fungus spread through the region. You no longer have family land to fall back on because a government official sold your land to the banana company without your permission a few years ago. You lose your job when the United Fruit Company abandons their plantation to the fungus. What might you do to make sure your family has money to survive on? (Keep in mind that at this point, United Fruit Company owns over 40 percent of the arable land in your country.
Answers
Some possible options include looking for alternative employment, starting a small business, seeking out government assistance, joining a cooperative, and joining a labor union.
1. Look for alternative employment: Reach out to other farmers or consider non-agricultural jobs.
2. Start a small business: Sell goods or services to generate income.
3. Join a cooperative: Work with other farmers to sell goods and access resources.
4. Seek government assistance: Look for programs that provide financial support to farmers.
5. Join a labor union: Advocate for better working conditions and wages.
Remember to form a community with other affected farmers to advocate for your rights and work towards a better future.
What is an employment?
Employment refers to a relationship between an employer and an employee, where the employer provides compensation to the employee in exchange for their work. In general, an employment arrangement includes an agreement on job responsibilities, working hours, compensation, and other terms and conditions of employment.
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Which is not a task of the bankruptcy trustee?
ensures that the debtor begins repayment
gathers the debtor's funds in excess of exemptions
monitors the progress of a bankruptcy case
represents the debtor when meeting with the creditors
Answers
Answer:
The option which is not a task of the bankruptcy trustee is;
Represent the debtor when meeting with creditors
Explanation:
In a case of bankruptcy a bankruptcy trustee is assigned by the court and to whom the case information is handed to perform the following tasks
1) Converts the collected company assets to money
2) Assess the creditors (owed by the debtor) proof of claims
3) Allocate monetary refunds to the creditors
4) Upholds or refuse claimants to specific debts
5) Completes tax and other financial reports that are submitted to government agencies
Answer:
Which is not a task of the bankruptcy trustee? That would be: Represents the debtor when meeting with the creditors.
Explanation:
Why? Because he is not a lawyer. He wouldn't really be able to do much in court.
importance of entrepreneurship
Answers
Answer:
Entrepreneurship is important, as it has the ability to improve standards of living and create wealth, not only for the entrepreneurs but also for related businesses. Entrepreneurs also help drive change with innovation, where new and improved products enable new markets to be developed.
What are 2 ways to send a message to your client when signed in as an Accountant user? My accountant > Requests > Create client request Accountant Tools > Notes Work > Create client request Accountant Tools > Prep for taxes > Message client Books review > Transaction review > Select Transaction > Ask client
Answers
The use of Ask client and Requests are the 2 ways to send a message to your client when signed in as an Accountant user.
What is the use of QuickBooks Online Accountant?The software is an accounting-based that is used by bookkeepers and accountants to edit client transactions, review their books, make adjustments etc.
Whe login as accountant user, one can send a message to client through use of Ask client and Requests.
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How much will we end up buying?
Answers
Explain one reason why a business may use social media to promote
Answers
Answer:
Social media offers many benefits to business owners, as it allows them to reach out to their customers and to gain the attention of more people/potential customers
Explanation:
State two ways in which trade unions could assist workers in addressing non compliance with working conditions
Answers
Ways in which change unions should assist workers in addressing noncompliance with operating conditions are the standard sports of alternate unions consist of supplying assistance and services to their contributors, collectively bargaining for better pay and conditions for all people, and running to enhance the excellent of public offerings, political campaigning, and commercial movement.
The definition of a worker is someone or animal that performs a particular or essential project or who completes duties in a certain way. someone who works in a store is an instance a retail employee. someone who works diligently on his homework for hours a day is an instance of a tough employee.
A person is normally classed as a 'worker' if: they have a contract or other association to do work or offerings personally for praise (a contract may be written or unwritten) their reward is for money or an advantage in type, for example the promise of a settlement or future paintings.
Workers are the people employed by using a selected organization or company. Manpower is all the employees available to paint for a business enterprise or USA. A colleague or co-employee is a person you figure with, mainly in the workplace.
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uestion 1 Contributions of $146.91 are made quarterly into an RASP for 12 years. What is the accumulated balance after 12 interests.compounded query Enter your answer to the nearest dollar. Do not enter the sign Sample input: 248977
Answers
The accumulated balance after 12 years with quarterly contributions of $146.91 and compound interest is approximately $108,452.
Using the formula for compound interest, we can calculate the accumulated balance as:
A = P * (1 + (r/n))^(nt) + (C * (((1 + (r/n))^(nt) - 1) / (r/n)))
Where:
P = the initial principal (which we assume to be 0)
C = the regular contribution amount ($146.91)
r = the annual interest rate (which we assume to be 5%)
n = the number of times the interest is compounded per year (4 for quarterly)
t = the time in years (12)
Plugging in these values, we get:
A = 0 * (1 + (0.05/4))^(412) + (146.91 * (((1 + (0.05/4))^(412) - 1) / (0.05/4)))
Simplifying this expression, we get:
A ≈ $108,452
Therefore, the accumulated balance after 12 years with quarterly contributions of $146.91 and compound interest is approximately $108,452.
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Job satisfaction can be lost for all of the following reasons EXCEPT:
a.
Lack of opportunities for promotion
b.
Bickering with co-workers
c.
Being recognized for a job well done
d.
Having little or no say in decisions that affect you
Answers
Answer:
Being recognized for a job well done
Explanation: