[CBSE] Q. 10 Solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)

Solution of Question number 10 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2024-25.

Akhil and Bimal are partners sharing profits in the ratio of 3 : 2. Akhil gave a loan to the firm of ₹ 1,00,000 on 1st January 2024. On the same date, the firm gave a loan to Bimal of ₹ 1,00,000. They do not have an agreement as to interest.

Akhil had also given his personal property for the firm’s godown at a monthly rent of ₹ 5,000.

Firm earned a profit of ₹ 1,03,000 (before the above adjustments) for the year ended 31st March 2024. Show the distribution of profit for the year.

[Ans: ₹ 41,500 [(₹ 1,03,000 – ₹ 1,500) (Interest on Loan by Akhil) – ₹ 60,000 (rent) will be distributed in the ratio of 3 : 2. Akhil – ₹ 24,900; Bimal – ₹ 16,600.]

[Hint: In the absence of agreement, Akhil will get Interest @ 6% p.a. on the loan given by him. Interest will not be charged on the loan to Bimal by the firm. Also, rent will be paid to Akhil as per the agreement.

Solution:-

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Note:-

(1) Distributable profit can also be written as divisible profit.

(2) If no Interest on partner’s loan is given, it implies that there is no agreement among partners for interest. Thus Interest on Partner’s Loan to the firm is provided @ 6% p.a.

(3) If no Interest on Loan to partner’s by firm is given, it implied that there is no agreement among partners for interest. Thus, No interest is charged on it as per the provision of Indian Partnership Act, 1932 in the absence of partnership Deed.

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