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

Question 1 Chapter 2 of +2-A

Question 1 Chapter 2 of +2-A

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)

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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2 Book 1 min - Question 1 Chapter 2 of +2-A - T.S. Grewal 12 Class Part - A Vol. 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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