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

 

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