TS Grewal Solutions (2025 – 26) – Accounting for partnership firm – Fundamentals
6. Sita and Geeta are partners in a firm sharing profits in the ratio of 3:2. They had given loan to the firm of Rs 30,000 in their profit-sharing ratio on 1st October, 2024. The partnership deed does not prescribe for interest on loan from partners. Compute interest payable by the firm to the partners, assuming the firm closes its books every year on 31st march.
7 :- Bat and Ball are partners sharing the profits in the ratio of 2 : 3 with capitals of Rs 1,20,000 and Rs 60,000 respectively. On 1st October 2024, Bat and Ball gave loans of Rs 2,40,000 and Rs 1,20,000 respectively to the firm. Bat had allowed the firm to use his property for business for a monthly rent of Rs 5,000. Loss for the year ended 31st March 2025 before rent and interest amounted to Rs 9,000. Show distribution of profit/Loss.
8 :- Akhil, Sunil, and Parvesh are partners sharing profits in the ratio of 3 : 2 : 1. Opening balance of loan by Sunil account was Rs 3,00,000. Interest payable was agreed @ 10% p.a. Interest was paid by cheque up to February 2025 on 1st March 2025 and the balance was yet to be paid. Pass the Journal entries for interest on the loan by the partner.
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)