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

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

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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

• Chapter No. 1 – Accounting Not for Profit Organisations
• Chapter No. 2 – Partnership Accounts – I
• Chapter No. 3 – Partnership Accounts – II (Introduction)
• Chapter No. 4 – Partnership Accounts – III (Goodwill: Nature and Valuation)
• Chapter No. 5 – Partnership Accounts – IV (Reconstitution of Partnership)
• Chapter No. 6 – Partnership Accounts – V (Admission of A Partner)
• Chapter No. 7 – Partnership Accounts – VI (Retirement and Death of A Partner)
• Chapter No. 8 – Company Accounts (Share Capital)
• Chapter No. 9 – Company Accounts (Issue of Debentures)
• Chapter No. 10 – Company Accounts (Redemption of Debentures)

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

• Chapter No. 1 – Financial Statements of a Company (Balance Sheet Only)
• Chapter No. 2 – Techniques of Financial Statement Analysis
• Chapter No. 3 – Ratio Analysis 
• Chapter No. 4 – Cash Flow Statement

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