USHA Publication Class 12 Part 1 2024 Solutions Chapter No. 2 – Partnership Accounts – I (Introduction), USHA 2024 Part 1

Question 1 Chapter 2 of Class 12 Part - 1 Usha Publication - 2024

No Partnership Deed Exists

1. (Absence of Partnership Deed) X and Y are partners in a firm. They do not have any agreement. Suggest what would be done in the following cases:
(a) X works excessively and claimed a salary of Rs.5,000 p.m.
(b) Y advanced loan Rs.40,000 to the firm and claimed interest @ 8% p.a.
(c) Profit of the firm Rs.60,000, X and Y claimed this profit in 2:3 ratio.
(d) Y claims 5% commission on sales of Rs.5,00,000 which he has done through his efforts.

The solution of Question 1 Chapter 2 of Class 12 Part - 1 Usha Publication

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Accounting Treatment if Partnership Deed Absence

Cases		Treatment
(a) X worked excessively and claimed a salary of Rs.5,000 p.m.		In the absence of any agreement, X cannot get an extra salary for the extra time devoted by him, for the business
(b) Y advanced a loan of Rs.40,000 to the firm and claimed interest @ 8% p.a.		Y to get 6% p.a. interest on a loan advanced by him.
(c) Profit of the firm Rs.60,000, X and Y claimed this profits in a 2:3 ratio		The profit of the firm ₹ 60,000 will be shared by X and Y equally because the deed is missing.
(c) Y claims a 5% commission on sales of Rs.5,00,000 which he has done through his efforts.		Y is not entitled to get a commission on the sale because there is no agreement between partners.