SELECT * FROM question_mgmt as q WHERE id=5487 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=3 AND subId=11 AND chapterId=135 and ex_no='2' AND status=1 ORDER BY CAST(question_no AS UNSIGNED) CBSE Free NCERT Solution of 12th accountancy Accounting for Partnership : Basic Concepts raju and jai commenced business in partnership on

Question:

Raju and Jai commenced business in partnership on April 1, 2017. No partnership agreement was made whether oral or written. They contributed Rs. 4,00,000 and Rs. 1,00,000 respectively as capitals. In addtion, Raju advanced Rs. 2,00,000 as loan to the firm on October 1, 2017. Raju met with an accident on July 1, 2017 and could not attend the business up to september 30, 2017. The profit for the year ended March 31, 2018 amounted to Rs, 50,600. Disputes have arisen between them on sharing the profits of the firm.

Raju Claims:

(i) He should be given interest at 10% p.a. on capital and so also on loan.
(ii) Profit should be distributed in the proportion of capitals.

Jai Claims:

(i) Net profit should be shared equally.
(ii) He should be allowed remuneration of Rs, 1,000 p.a. during the period of Raju’s illness.
(iii) Interest on capital and loan should be given @ 6% p.a.
      State the correct position on each issue as per the provisions of the Partnership Act. 1932.

Answer:

Jai Claims:

(i) Profit to the shared equally
(ii) Salary and Commission not given to partner
(iii) No interest allowed on capital and charged on drawings


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