Question 05 Chapter 2 of +2-Part-1
5. (No Partnership Deed) A and B are partners in 3:2 ratio. However, for other matters they don’t have any agreement. The following conflicts arose between them.
(i) B advanced loan Rs.50,000 to the firm and claimed interest @10% p.a.
(ii) B through his contracts, 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 3:2 ratio.
Comment on the above issues.
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The solution of Question 05 Chapter 2 of +2 Part-1
As per provisions of Partnership Act, 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 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.
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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