[CBSE] Q. 1 solution of Fundamentals of Partnership Firms TS Grewal Book (2023-24)

Solution of Question number 1 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2023-24 Edition?

In The absence of a Partnership Deed, State the provisions of the Partnership Act, 1932 relating to:

a) Salaries of Partners
b) Interest on partner’s capitals
c) Interest on loan by partner
d) Division of Profit,
e) Interest on partner’s drawings
f) Interest on Loan to partners

Solution:-

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a) In the absence of a Partnership Deed, provisions of the Indian Partnership Act of 1932 are applied, and no Salaries to partners are provided.

b) In the absence of a Partnership Deed, provisions of the Indian Partnership Act, 1932 are applied, and no interest on the partner’s capital is provided.

c) In the absence of the partnership Deed, provisions of the Indian Partnership Act of 1932 are applied. Thus, interest on the loan by the partner would be provided @ 6% p.a.

(d) In the absence of the partnership Deed, provisions of the Indian Partnership Act of 1932 are applied. Thus, Profit would be divided equally among partners.

e) In the absence of a partnership Deed, provisions of the Indian Partnership Act of 1932 are applied, and no interest on the partner’s drawings is provided.

f) In the absence of a Partnership Deed, provisions of the Indian Partnership Act of 1932 are applied, and no interest on loans to partners by the firm would be charged.

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