Question 2 Chapter 2 of Class 12 Part - 1 Usha Publication

Question 2 Chapter 2 of Class 12 Part - 1 Usha Publication

No Partnership Deed Exists

2. (Absence of Partnership Deed) X and Y are partners in a firm. They do not have any agreement. Suggest what would be done in the following cases:
(a) X spends twice the time that Y devoted to business. X claims that he should get salary of Rs.6,000 per month for his extra time spent.
(b) Y has provided a capital of Rs. 50,000 whereas X has provided Rs.5,000 only as capital. X, however, has provided Rs.10,000 as loan to the firm. What interest, if any, will be given to X and Y?
(c) X wants to introduce his son Z into his business. Y objects to it.
(d) Y wants that profit should be distributed in the ratio of capitals but X wants it should b distributed equally.

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Accounting Treatment if Partnership Deed Absence

Cases		Treatment
(a) X spends twice the time that Y devoted to business. X claims that he should get the salary of Rs.6,000 per month for his extra time spent.		X is not entitled to any salary in the absence of any specific agreement between partners.
(b) Y has provided the capital of Rs. 50,000 whereas X has provided Rs.5,000 only as capital. X, however, has provided Rs.10,000 as a loan to the firm. What interest, if any, will be given to X and Y?		No interest in capitals is allowed to X and Y. However, X is entitled to interest on loan @6% p.a.
(c) X wants to introduce his son Z into his business. Y objects to it.		No partner can be admitted into a firm unless all the partners agree to it. Thus, Z cannot be admitted as a partner unless Y gives his concent to it.
(d) Y wants that profit should be distributed in the ratio of capitals but X wants it should b distributed equally.		In absence of any specific agreement regarding the distribution of the firm’s profits, profits among the partners should be distributed equally.