CA Foundation doubt
Please check my answer and Identify my mistakes and tell me how many marks will you give me for this answer outoff 6 and why
Please check my answer and Identify my mistakes and tell me how many marks will you give me for this answer outoff 6 and why
Asked by Vedika··1 answer
BrunoAI answerAI first answer — verify with your teacher
Your answer is correct: Ram is liable only for his share of Rs. 1,500. I'd give about 4.5 to 5 out of 6. What you did well: - Section 4 definition and the three essentials (agreement, sharing profits of a business, mutual agency) are written clearly. - The facts are applied neatly and the conclusion is right. Where you lost marks: 1. You did not cite Section 6 (mode of determining the existence of partnership). Its Explanation 1 says that sharing the gross returns of jointly owned property does not, by itself, make the owners partners. This is the key provision in the ICAI answer. 2. Add one line that Ram and Raheem are only co-owners of the flat, not partners, so there is no joint liability. 3. Minor point: keep "existence" and "Raheem" spelled correctly and the conclusion tidy.
No. Co-ownership and sharing the gross returns of the property do not by themselves create a partnership under the Partnership Act, 1932.
Each partner acts as an agent of the firm and of the other partners, and as a principal for acts done by them in the course of business. This is often called the true test of partnership.
State the relevant provision, apply it to the facts, and end with a clear conclusion. Quoting the exact section usually carries marks.
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