Question 1 Chapter 2 of +2-A - T.S. Grewal 12 Class Part

Question 1 Chapter 2 of +2-A

Table of Contents

The solution of Question 1 Chapter 2 of +2-A:

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

Partnership Deed

1. In the absence of Partnership Deed, what are the rules related to :
(a) Salaries of partners,
(b) Interest on partners’ capitals
(c) Interest on partners’ loan
(d) Division of profit, and
(e) Interest on partners’ drawings

The solution of Question 1 Chapter 2 of +2-A:

Accounting Treatment if Partnership Deed Absence
Items	Provision of Act – if the Absence of Partnership Deed absence
(a) Salaries of partners,	No Salary will be allowed to Partners
(b) Interest on partners’ capitals	No interest will be allowed to Partners on Capital
(c) Interest on partners’ loan	6% p.a. Interest will be allowed on the amount given by partners in the form of Loans and Advances to the firm.
(d) Division of profit, and	Profits will be shared equally, it is irrespective the amount of capital contributed by partners
(e) Interest on partners’ drawings	No Interest will be charged on the Drawings of Partners.

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Also, Check out the solved question of previous Chapters: –

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
Chapter No. 3 – Goodwill: Nature and Valuation
Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
Chapter No. 5 – Admission of a Partner
Chapter No. 6 – Retirement/Death of a Partner
Chapter No. 7 – Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

Chapter No. 8 – Company Accounts – Accounting for Share Capital
Chapter No. 9 – Company Accounts – Issue of Debentures
Chapter No. 10 – Redemption of Debentures

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

Chapter No. 1 – Financial Statements of a Company
Chapter No. 2 – Financial Statement Analysis
Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
Chapter No. 4 – Accounting Ratios
Chapter No. 5 – Cash Flow Statement

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