Question 5 Chapter 2 of Class 12 Part - 1 Usha Publication

Question 5 Chapter 2 of Class 12 Part - 1 Usha Publication

5. (No Partnership Deed) A and B are partners in a 3:2 ratio. However, for other matters, they don’t have any agreement. The following conflicts arose between them.

(i) B advanced a loan of Rs.50,000 to the firm and claimed interest @10% p.a.
(ii) B through his contacts, brought the business of Rs. 5,00,000 to the firm and claimed a commission of 5% on Rs.5,00,000.
(iii) A has let out his building to the firm and asked for rent of Rs.2,000 p.m. which is reasonable.
(iv) Profit of the firm was Rs.30,000. A and B claimed this profit in a 3:2 ratio.

Comment on the above issues.

The solution to Question 5 Chapter 2 of Class 12 Part - 1 Usha Publication: -

We are providing a solution of Question 5 Chapter 2 of Class 12 Part - 1 Usha Publication in two formats. one is in Video format and another is in article format. Check out both formats as follows:

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2. Check out the Solution of this question in Article Format: -

As per provisions of the Partnership Act, of 1932:

(i) B can be granted interest on his loan to the firm @6% p.a.
(ii) B cannot claim any commission for working on behalf of the firm.
(ii) A is entitled to claim rent for the premises being used for the firm, the amount is reasonable.
(iv)The profits should be distributed equally among the partners.