Question 3 Chapter 2 - Unimax Class 12 Part 1 - 2021

Question 3 Chapter 2 – Unimax Class 12 Part 1

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The solution of Question 3 Chapter 2 – Unimax Class 12 Part 1:

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

3. A and B are partners. They do not have any partnership agreement. How will you solve the following disputes among them ?
(a)A spent twice the time that B devoted to business. A claims that he should get a salary of Rs. 3000 per month for extra time spent.
(b)B has provided a capital of Rs. 50000 where as A has provided only Rs. 10000 as capital. A however has provided Rs. 20000 as loan to firm. What interest (if any) will be given to A and B ?
(c)A wants to introduce his son Sunil into his business. B objects to it.
(d)xB wants that profit should be distributed in ratio of capital but A wants that it should be distributed equally.

The solution of Question 3 Chapter 2 – Unimax Class 12 Part 1:

In the absence of any partnership deed :

(i) No salary will be given to any partner.
(ii) No interest on capital is provided.
(iii) Interest on A’s loan @ 6% p.a. will be given.
(iv) No new partner will be admitted.
(v) Profits would be shared equally irrespective of capital contribution.

https://tutorstips.com/not-for-profit-organisations/

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)