Homework Answers
Answer:
5: False:
Reason: Dividend shall be paid out of the profits of the financial year for which such Dividend is sought to be declared and/or out of profits for any previous financial year with the provisions of the Act.l year(s) which remains undistributed after providing for depreciation.
6: True:
Reason: FIXED TERM PARTNERSHIP is formed for a definite period of time. The partnership comes to an end on a date specified in the partnership deed unless express mention in the contract to the contrary. If the business is continued beyond such expiry period, the partnership is deemed as a partnership at will.
A form of partnership that arises where no fixed term has been agreed for the duration of the partnership or the partnership has been entered into for an undefined term. A partnership at will may be dissolved at any time by a partner serving notice on the other partner(s)
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