Q. 1 solution of Fundamentals of Partnership Firms TS Grewal Book 2021-22 Edition

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Are you looking 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 at the page number 2.81 of Accounting for Partnership Firms – Fundamentals is of 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.

  1. 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 Partnership Dee, provisions of Indian Partnership Act, 1932 are applied and no Salaries to partners is provided. Hence no salaries would be provided to Partners.

b) In The absence of Partnership Dee, provisions of Indian Partnership Act, 1932 are applied and no interest on partner’s capitals is provided. Hence no interest on partner’s capitals would be provided to Partners.

c) In the absense of partnership Deed, provisions of Indian Partnership Act, 1932 would applied and Interst on loan by partner would be provided by @ 6% p.a.

d) In the absense of partnership Deed, provisions of Indian Partnership Act, 1932 would applied and no interest on partner’s drawings is provided. Hence no interest on partner’s drawings would be provided.

e) In the absence of Partnership Dee, provisions of Indian Partnership Act, 1932 would applied and no interest on loan to partners by firm would be charged.

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