Ts Grewal solutions Chapter 2 – Accounting For Partnership Firms Fundamentals
Ts Grewal 2019 Solutions for Class 12 Chapter 2 Accounting for Partnership firms fundamentals are provided here. All questions and Solutions from the Double Entry Book Keeping Ts Grewal 2019 Book of Class 12 Accountancy Chapter 2 Accounting for Partnership firms fundamentals are provided here for you for free. You can just download the PDF file by just clicking on the download button given below.
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Question 1:
In the absence of Partnership Deed, what are the rules relation to :
(a) Salaries of partners,
(b) Interest on partners’ capitals
(c) Interest on partners’ loan
(d) Division of profit, and
(e) Interest on partners’ drawings
Answer:
| Items (Points) | Provision in the Absence of Partnership Deed | |
| (a) | Salaries of Partners | No Salary will be allowed to Partners. |
| (b) | Interest on Partners’ Capitals | No interest will be allowed to Partners on Capital |
| (c) | Interest on Partners’ Loan | 6% p.a. Interest will be allowed on the amount given by partners in the form of Loans and Advances to firm. |
| (d) | Division of Profit | Profits will be shared equally, it is irrespective the amount of capital contributed by partners |
| (e) | Interest on Partners’ Drawings | No Interest will be charged on the Drawings of Partners |
