TS Grewal Solutions (2025 – 26) – Accounting for partnership firm – Fundamentals
36 :- Ram and Mohan, two partners, drew for their personal use Rs 1,20,000 and Rs 80,000. Interest is chargeable @ 6% p.a. on the drawings. What is the amount of interest chargeable from each partner ?
Solution :- Calculation of interest on drawings
Interest on drawings on Ram = 1,20,000 x 6% x 6/12 = Rs 3,600
Interest on drawings on Mohan = 80,000 x 6% x 6/12 = Rs 2,400
37 :- Brij and Mohan are partners in a firm. They withdrew Rs 48,000 and Rs 36,000 respectively during the year evenly in the middle of every month. According to the Partnership Deed, interest on drawings is to be charged @ 10% p.a.
Calculate interest on drawings of the partners using the appropriate formula.
Solution :- Calculation of interest on drawings
Interest on Brij’s drawings = 48,000 x 10/100 x 6/12
= Rs 2,400
Interest on Mohan’s drawings = 36,000 x 10/100 x 6/12
= Rs 1,800
38 :- Dev withdrew Rs 10,000 on the 15th day of every month. Interest on drawings was to be charged @ 12% per annum. Calculate interest on Dev’s Drawings.
Solution :- Calculation of interest on Dev’s drawings
Average period = 11.5 + 0.5/2 = 6
Dev’s interest on drawings = 10,000 x 12 x 12/100 x 6/12
= Rs 7,200
39 :- One of the partners in a partnership firm has withdrawn Rs 9,000 at the end of each quarter, throughout the year. Calculate interest on drawings at the rate of 6% per annum.
Solution :- If drawing is made at the end of each quarter then,
Average month is 9 + 0/2 = 4.5
Interest on drawings = 9,000 x 4 x 6/100 x 4.5/12
= Rs 810
40 :- A and B are partners sharing profits equally. A drew regularly Rs 4,000 in the beginning of every month for six months ended 30th September, 2024. Calculate interest on drawings @ 5% p.a. for a period of six months ended 30th September, 2024.
Solution :- Calculation of interest on A’s drawings
Average months = 6 + 1 /2 = 7/2 = 3.5
Interest on A’s drawings = 4,000 x 6 x 5/100 x 3.5/12
= Rs 350
41 :- A and B are partners sharing profits equally. A drew regularly Rs 4,000 at the end of every month for six months ended 30th September, 2024. Calculate interest on drawings @ 5% p.a. for a period of six months ended 30th September, 2024.
Solution:- Calculation of Interest on A’s drawings
Average month = 5 + 0/2 = 2.5
Interest on drawings = 4,000 x 6 x 5/100 x 2.5/12
= Rs 250
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)