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There is no agreement regarding sharing of profits (or) partnerships salary. Rose is a whole-time partner whereas Lilly does not attend business regularly. Rose claims Rs 3,000 salary a month and 60% of balance profits Rs 24,600 Lilly advanced Rs 10,000 as loan and now she claims 10% interest. State how you will settle the accounts.

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CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

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No salary to any partner. Profits will be shared equally. Interest on loan will be paid at 6% p.a.
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Tutor

No partner is to entitled any salary & profit &lossto be shared equally & Lilly is entitled interest on loan @ 6percent in the absence of partnership agreement.
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Tutor

Rose Lily Interest on loan 6% Residue of profits (24600-600) 12000 600 12000 read more
  Rose Lily
Interest on loan 6%

 

Residue of profits

(24600-600)

 

 

12000

600

 

12000

 

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In the absence of a Partnership Deed: i) Rose will not get any Salary ii) Profit sharing ratio between Rose and Lily will be equal i.e 1:1 iii) Lily will be paid an interest at 6% on the loan that she has advanced.
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Tutor

profit wiill be shared equally. intrest on lon will be paid 6% when no salary to any partners
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If partnership deed is silent then >no salary,commission are paid to partner's. >profit is distributed equally between parnters. >Interest on partner's loan not exceeding 6% In the given case Rose is not entitle for salary and profit after charging interest 600 (10000×6%) will be distributed... read more

If partnership deed is silent then

>no salary,commission are paid to partner's.

>profit is distributed equally between parnters.

>Interest on partner's loan not exceeding 6%

 In the given case Rose is not entitle for salary and profit after charging interest 600 (10000×6%) will be distributed between parnters equally.

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