TS Grewal Book Volume 1 solutions of Class 12 Accountancy 2022-23 Edition [CBSE]
FUNDAMENTALS OF PARTNERSHIP FIRM TS Grewal Solutions CBSE 2022-23
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Solutions:
QUESTION: 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 Deed, the Indian Partnership Act, 1932 is applied and no Salaries to partners are provided. Hence no salaries would be provided to Partners.
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. Hence no interest in the partner’s capital would be provided to Partners.
c) In the absence of Partnership Deed, provisions of the Indian Partnership Act, 1932 would be applied and Interest on loan by partner would be provided by @ 6% p.a.
d) In the absence of a Partnership Deed, provisions of the Indian Partnership Act, 1932 would be applied and no interest charged on the partner’s drawings. Hence no interest on the partner’s drawings would be charged.
e) In the absence of a Partnership Deed, provisions of the Indian Partnership Act, 1932 would be applied and no interest on loans to partners by the firm would be charged.
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Hey! Would you mind providing video solutions? Thanks.
may be in forthcoming months but not with confirmation.