Consider the following statements.
1. Atleast three persons are necessary for forming a partnership.
2. The right to share a profit is full proof of one being a partner.
3. The business of the firm can be conducted even by one partner.
Which of the statement(s) given above is/are correct?

X Ltd. forfeited 20 shares of Rs. 10 each on which Rs. 6 per share were paid. Out of these shares, 8 shares were reissued as fully paid up on payment of Rs. 5.50 per share. The amount to be transferred to capital reserve account will be:

Accounting rules, procedures and methods should be observed alike and should not be changed from year to year. This is called accounting convention of:

The famous case of Garner Vs. Murray in Partnership is applicable in the event of:

Which of the following conditions have to be met to receive calls-in-advance?

X and Y are partners Sharing profits in the ratio of 3 : 1. They admit Z as a partner who pays Rs. 4,000 as Goodwill. If the new profit sharing ratio is 2 : 1 : 1 among X, Y and Z respectively, the Goodwill amount will be credited to:

As per the rule of Garner V. Murray, the deficiency of the insolvent partner is shared by the solvent partners in their