Question
What is a partner obligated to do in case of wilful
neglect in conducting the firm's business?Solution
The Indian Partnership Act Section 13. Mutual rights and liabilities: (f) a partner shall indemnify the firm for any loss caused to it by his wilful neglect in the conduct of the business of the firm.
A shopkeeper purchases rice of two varieties ‘A’ and ‘B’ at Rs. 40 per kg and Rs. 34 per kg respectively. He mixes 1 kg of variety ‘A’ rice ...
Kailash went to purchase a chimney, the shopkeeper told him to pay 26% tax if he asked the bill. Kailash manages to get the discount of 12% on the actu...
Raghav sold two items, 'A' and 'B', each for Rs. 2,000. He incurred a 20% loss on item 'A' and earned a 25% profit on item 'B'. Calculate the approximat...
- A vendor sells sandwiches and burgers in a ratio of 6:5. The price ratio of a sandwich to a burger is 5:4. If the total number of sandwiches and burgers so...
A vendor sells two varieties of items, I and J. On item I, which costs Rs. 2200, he makes a 12% profit. If the aggregate profit from selling both items ...
Cost price of a bag is Rs.600. The shopkeeper marked it 60% above the cost price and sold it after giving a discount of 20%. If the shopkeeper had sold ...
A school bag is sold for Rs.540 after giving two successive discounts of 10% and 20%. If school bag is marked up by Rs.400 above its cost price, then fi...
'P' sold an item to 'Q' at 12.5% profit, 'Q' sold it to 'R' at 33(1/3)% loss. If 'R' paid Rs. 1,800, then find the price at which 'P' bought the item.
Ajay and Vijay sold their Bikes at Rs 48400 each but Ajay incurred a loss of 20%, while Vijay gained 10%. What is the ratio of the cost price of the Bik...
By selling an article for 2640, a person loses 15% of its selling price. At what price (in RS) should he sell it to gain 15% on its cost price?