USHA Publication +2 Part 1 Solutions Chapter No. 2 - Partnership Accounts – I (Introduction)

Question 01 Chapter 2 of +2-Part-1

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 01 Chapter 2 of +2 Part-1: - 

https://youtu.be/J-uW2KCpbyM?si=aKl_reswPXJzuQQe

Accounting Treatment if Partnership Deed Absence

Cases		Treatment
(a) X works 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 loan 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 2:3 ratio		Profit of the firm ₹ 60,000 will be shared by X and Y equally.
(c) Y claims 5% commission on sales of Rs.5,00,000 which he has done through his efforts.		Y is not entitled to get commission on sale because these is no any agreement between partners.

Thanks, Please Like and share with your friends  

Comment if you have any questions.