Q. 2 solution of Fundamentals of Partnership Firms TS Grewal Book 2021-22 Edition
Are you looking the solution of Question number 2 page 2.81 of the Fundamentals of partnership firm chapter TS Grewal Book 2021-22 Edition.
Question number 2 at the page number 2.81 of Accounting for Partnership Firms – Fundamentals is of a theoretical one.
Solution of Question number 2 of Accounting for Partnership Firms – Fundamentals TS Grewal Book 2021-22 Edition
Here is the solution of it.
a) In the absence of partnership deed. provisions of the Indian Partnership Act 1932 would apply. no interest on partner’s capital would be allowed. Ramesh and Suresh both are correct.
b) In the absence of partnership deed. provisions of the Indian Partnership Act 1932 would apply. no salary would be allowed to partners. Mahesh and Suresh are correct.
c) In the absence of partnership deed. provisions of the Indian Partnership Act 1932 would apply. No interest on loan to partner by firm is charged. Mahesh and Ramesh are incorrect.
d) In the absence of partnership deed. provisions of Indian partnership Act 1932 would apply. Profit sharing ration would be equal (1:1:1). Mahesh and Suresh are incorrect.
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