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Question 02 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 02 Chapter 2 of +2- Part-
Q-2 - CH-2 - Usha +2 Book 2018 - Solution

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Question 02 Chapter 2 of +2-Part-1

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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 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.

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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

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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