TS Grewal Solutions (2025 – 26) – Accounting for partnership firm – Fundamentals
42 :- B and C are partners sharing profits equally. C regularly withdrew Rs 5,000 per month in the beginning of the month for six months ended 30th September, 2024. Calculate interest on drawings @ 12% p.a. for the year ended 31st March, 2025.
Solution :- Calculation of interest on drawings of C
Average month = 12 +7/2 = 9.5
Interest on drawings = 5,000 x 6 x 12/100 x 9.5/12
= Rs 2,850
43 :- Calculate interest on drawings of Sanjay @ 10% p.a. for the year ended 31st March 2025, in each of the following alternative cases:
Case 1. If he withdrew Rs 7,500 in the beginning of each quarter.
Case 2. If he withdrew Rs 7,500 at the end of each quarter.
Case 3: If he withdrew Rs 7,500 during the middle of each quarter.
44:- The capital accounts of Tisha and Divya showed credit balances of Rs 10,00,000 and Rs 7,50,000 respectively after taking into account drawings and net profit of Rs 5,00,000. The drawings of the partners during the year ended 31st March, 2025 were:
(i) Tisha withdrew Rs 25,000 at the end of each quarter
(ii) Divya’s drawings were:
31st May 2024- Rs 20,000
1st November, 2024- Rs 17,500
1st February, 2025 – Rs 12,500
Calculate interest on partner’s Capitals @ 10% p.a. and interest on partner’s drawings @ 6% p.a. for the year ended 31st March, 2025.
45 :- A, B, and C are partners. During the year ended 31st March, 2025, each of the partners withdrew Rs 10,000 regularly. A withdrew in the beginning of the first 6 months of the year, B withdrew in the middle of the month for the first 6 months of the year and C withdrew at the end of the month for the first 6 months.
Calculate interest on drawings @ 6% p.a. for the year ended 31st March, 2025.
46 :- Piyush, Harmesh and Atul are partners. Each partner regularly withdraw Rs 20,000 per month as given below:
- Piyush withdrew in the beginning of the month
- Harmesh withdrew in the middle of the month
- Atul withdrew at the end of the month
Interest on drawings charged for the year ended 31st March, 2025 was Rs 15,600, Rs 14,400 and Rs 13,200 respectively.
Determine the rate of interest charged on drawings.
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)