Question 02 Chapter 2 of +2-Part-1
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.
The solution of Question 02 Chapter 2 of +2 Part-: –
| 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 ascent 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. | |
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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 (Introduction)
- Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
- Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
- 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
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
