Unimax Accountancy Class 12 Part 1 - 2023 Solutions Chapter 2 - Partnership Accounts - I (Basic Concepts) - Unimax

Question 1 Chapter 2 - Class 12 Part 1 Unimax

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 - Class 12 Part 1 Unimax: 

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.

End of Solution