TS Grewal Solutions (2025 – 26) – Accounting for partnership firm – Fundamentals
32 :- Shiv, Mohan, and Gopal are partners sharing profits and losses in the ratio of 2 : 2 : 1. Shiv is entitled to a commission of 10% on the net profit. Net Profit for the year is Rs 1,10,000. Determine the amount of commission to Shiv.
Solution :- Amount payable to Shiv = 1,10,000 x 10/100 = Rs 11,000
33 :- Abha, Bobby, and Vineet are partners sharing profits and losses equally. As per Partnership Deed, Vineet is entitled to a commission of 10% on the net profit after charging such commission. Net Profit before charging commission is Rs 2,20,000. Determine the amount of commission payable to Vineet.
Solution :- Amount payable to Vineet = 2,20,000 x 10/110 = Rs 20,000
34 :- A, B and C, and D are partners in a firm sharing profits in the ratio of 4 : 3 : 2 :1. The firm earned a net profit of ₹ 1,80,000 for the year ended 31st March 2025. As per the Partnership Deed, partners will get a commission @ 20% of the profits after charging such commission which they will share as 2 : 3: 2 : 3. You are required to show appropriation of profits among the partners.
35 :- X and Y are partners in a firm. X is entitled to a salary of Rs 10,000 per month and a commission of 10% of the net profit after the partner’s salaries but before charging the commission. Y is entitled to a salary of Rs 25,000 p.a. and a commission of 10% of the net profit after charging all commission and partner’s salaries. Net Profit before providing for partner’s salaries and commission for the year ended 31st March, 2025 was Rs 4,20,000. Show distribution of profit.
Question 1 to 5 (Partnership Deed)
Question 6 to 8 (Interest on loan by partner to the firm)
Question 9 – 13 (Interest on Loan to the firm by Partner and Loan by the Firm to Partner)
Question 14 – 19 (Profit & Loss Appropriation Account)
Question 20 – 22 (Fixed Capital)
Question 23 to 25 (Fluctuating capital)
Question 26 (When interest on capital is an appropriation and profits are inadequate)
Question 27 to 31 (Calculation of interest on partners capital)
Question 32 to 35 (Salary or commission to partners)
Question 36 to 41 (Calculation of interest on partners drawings, amount of drawings and rate of interest on drawings)
Question 42 to 46 (Calculation of interest on partners drawings, amount of drawings and rate of interest on drawings)
Question 47 to 50 (Profit and loss appropriation account and partner’s capital account)
Question 51 to 53 (Transfer of profits to reserve)
Question 54 to 55 (Appropriations more than available profits)
Question 56 – (Adjusting and transfer entries)
Question 57 to 61 (Adjustments for incorrect appropriations in the past [past adjustments])
Question 62 to 66 (Adjustments for incorrect appropriations in the past)
Question 67 to 72 (Adjustments for incorrect appropriations in the past)
Question 73 to 75 (Adjustments for incorrect appropriations in the past)
Question 76 to 80 (Guarantee of minimum profit to a partner)
Question 81 to 85 (Guarantee of minimum profit to a partner)
Question 86 to 89 (Guarantee of minimum profits to a partner)
Question 90 – 91 (Minimum earnings guaranteed by a partner)