Partnership Accounts : Fundamentals of Partnership — Important Questions
ICSE · Class 12 · Accountancy
70 important questions from Partnership Accounts : Fundamentals of Partnership for ICSE Class 12 Accountancy, with answers.
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Important Questions from Partnership Accounts : Fundamentals of Partnership
A and B are partners without a deed. A wants interest on capital at 10% p.a. on ₹50,000. What is the correct treatment?
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Interest is not allowed because there is no agreement
In the absence of a partnership deed, no interest is allowed on partners' capital. The claim has no basis unless the agreement provides for it.
A partnership deed is silent about interest on capital, and the firm's profit before interest is ₹8,000. The agreed interest on capital for A and B is ₹6,000 and ₹4,000 respectively. How is the available profit distributed?
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In the ratio 6:4
When profit is less than total interest due on capital, divisible profit becomes nil and the available profit is distributed in the ratio of interest amounts. Here the ratio is 6,000:4,000 = 3:2, which is equivalent to 6:4.
A firm has no deed. Partner X withdrew ₹24,000 during the year as drawings. What interest is charged on drawings?
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₹0
In the absence of a partnership deed, no interest is charged on drawings. Therefore, the amount is zero.
A partner admits a new person into the firm when there is no agreement about admission. What is the correct rule?
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Admission requires consent of all existing partners
When no agreement exists, a new partner cannot be admitted without the consent of all existing partners.
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