K is a capitalist partner. In the articles of partnership, it was provided that K’s duty was to provide capital only. One day, K was asked to assist the accountant of the partnership so that they can immediately pay the taxes on time. Among the rights of a partner, what can K avail to get payment for the extra hours of work for the partnership? Right to share in the profits None of the above Right to return of capital Right to compensation
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.
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