Question 01 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 01 Chapter 2 of +2- Part-
Q-1 - CH-2 - Usha +2 Book 2018 - Solution

Question 01 Chapter 2 of +2-Part-1

No Partnership Deed Exists

1. (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 works excessively and claimed a salary of Rs.5,000 p.m.
(b) Y advanced loan Rs.40,000 to the firm and claimed interest @ 8% p.a.
(c) Profit of the firm Rs.60,000, X and Y claimed this profit in 2:3 ratio.
(d) Y claims 5% commission on sales of Rs.5,00,000 which he has done through his efforts.

The solution of Question 01 Chapter 2 of +2 Part-1: – 

Accounting Treatment if Partnership Deed Absence
Cases
Treatment
(a) X works excessively and claimed a salary of Rs.5,000 p.m.   In the absence of any agreement, X cannot get an extra salary for the extra time devoted by him for the business
(b) Y advanced loan Rs.40,000 to the firm and claimed interest @ 8% p.a.   Y to get 6% p.a. interest on a loan advanced by him.
(c) Profit of the firm Rs.60,000, X and Y claimed this profit in 2:3 ratio   The partners X and Y are entitled to share equally in the profits earned.
(c) Y claims 5% commission on sales of Rs.5,00,000 which he has done through his efforts.   No commission can be paid to Y.

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Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

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Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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