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Analysis of Financial Statements in Private Limited Company and Hindu Undivided Family

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Analysis of Financial Statements in Private Limited Company and Hindu Undivided Family

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Questions and Answers

What is the liability of partners in a Limited Liability Partnership (LLP)?

Unlimited

Limited to their agreed contribution (correct)

Limited to the assets of the LLP

None of the above

Is an LLP considered a separate legal entity?

No, it depends on the situation

No, never

Yes, but with limited liability for partners (correct)

Yes, always

What percentage difference in valuation triggers the need for justification by the valuer?

15%

10% (correct)

20%

When is a second opinion on valuation required in relation to NPA accounts?

Only for loan values above Rs 50.00 lacs (C) Signup and view all the answers

How old should a valuation report be when fixing the reserve price for sale of property under SARFAESI Act?

Less than 6 months old (B) Signup and view all the answers

Which option correctly describes the liability of an LLP's partners?

Limited to their agreed contribution (A) Signup and view all the answers

When is a second valuation report required for NPA accounts?

For loan values above Rs 1.00 crore (D) Signup and view all the answers