Q. 1 solution of Fundamentals of Partnership Firms TS Grewal Book 2021-22 Edition
Are you looking for the solution of Question number 1 page 2.81 of the Fundamentals of partnership firm chapter TS Grewal Book 2021-22 Edition.
Question number 1 on page number 2.81 of Accounting for Partnership Firms – Fundamentals is a theoretical one.
Solution of Question number 1 of Accounting for Partnership Firms – Fundamentals TS Grewal Book 2021-22 Edition
Here is the solution of it.
In The absence of Partnership Deed, What are the rules 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:-
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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