Question no 1 | Worksheet 1 | Top 100 question | Class 12 Accounts | Gaurav jain

Описание: Q1. (When Partnership Deed is Silent) A and B commenced business in partnership on 1 January 2022. No partnership agreement was made either oral or written. They contributed ₹ 40,000 and ₹ 10,000 respectively as capital. In addition, A also advanced ₹ 20,000 on 1 July 2022. A met with an accident on 1 April 2022 and could not attend to the partnership business upto 30 June 2022. The profits for the year ended on 31 December 2022 amounted to ₹ 50,600. Disputes having been arisen between them for sharing the profits.
A claims: (i) He should be given interest at 10% p.a. on capital and loan (ii) Profit should be distributed in proportion of capital.
B claims: (i) Net profit should be shared equally. (ii) He should be allowed remuneration of ₹ 1,000 p.m. during the period of A’s illness. (iii) Interest on capital and loan should be given @ 6% p.a.

You are required to settle the dispute between them and distribute the profits according to law. State reasons for your answer.

Question no 1 | Worksheet 1 | Top 100 question | Class 12 Accounts | Gaurav jain
Accounting of Partnership firm Fundamentals class 12 Accounts
Chapter 1 Accounts class 12 Commerce session 2024 -25

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