Unimax Class 12 Part 1 - 2021 Solutions Chapter No. 2 - Partnership Accounts – I (Basic Concepts) - Unimax

Question 1 Chapter 2 - Unimax Class 12 Part 1

1. A and B are partners in a firm. State by giving reasons whether their claims are valid if partnership deed is silent in following Matters :
(a) B has advanced a loan to the firm. He claims interest at the usual interest rate charged by banks. Which is 13% per annum.
(b) A has contributed Rs. 100000 and B Rs. 50000 as Capital. B wants profits to be shared equally.

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

In the absence of any partnership agreement :
(i) B is entitled to interest an loan @ 6% p.a.
(ii) Profits among partners should be distributed equally.

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)

• Chapter No. 1 - Financial Statement of Not-For-Profit Organisations
• Chapter No. 2 - Accounting for Partnership Firms - Fundamentals
• Chapter No. 3 - Goodwill: Nature and Valuation
• Chapter No. 4 - Change in Profit-Sharing Ratio Among the Existing Partners
• Chapter No. 5 - Admission of a Partner
• Chapter No. 6 - Retirement/Death of a Partner
• Chapter No. 7 - Dissolution of a Partnership Firm

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

• Chapter No. 8 - Company Accounts -  Accounting for Share Capital
• Chapter No. 9 - Company Accounts - Issue of Debentures
• Chapter No. 10 - Redemption of Debentures

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

• Chapter No. 1 - Financial Statements of a Company
• Chapter No. 2 - Financial Statement Analysis 
• Chapter No. 3 - Tools of Financial Statement Analysis - Comparative Statements and Common- Size Statements
• Chapter No. 4 - Accounting Ratios
• Chapter No. 5 - Cash Flow Statement