Question 05 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 05 Chapter 2 of +2- Part-

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.

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.

Thanks, Please Like and share with your friends  

Comment if you have any questions.

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 - Question 05 Chapter 2 of +2 Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

Leave a Reply

Your email address will not be published. Required fields are marked *