TS Grewal Solutions (2025 – 26) – Accounting for partnership firm – Fundamentals
9 :- Akhil and Bimal are partners sharing profits in the ratio of 3 : 2. Akhil gave a loan to the firm of Rs 1,00,000 on 1st January, 2025. On the same date, the firm gave a loan to Bimal of Rs 1,00,000. They do not have an agreement as to interest. Akhil had also given his personal property for the firm’s godown at a monthly rent of Rs 5,000. The firm earned a profit of Rs 1,03,000 (before the above adjustments) for the year ended 31st March,2025. Show the distribution of profit for the year.
10 :- Nirmal and Pawan are partners sharing profits in the ratio of 3:2. The firm had given loan to Pawan of Rs 5,00,000 on 1st April 2024. Interest was to be charged @10% p.a.. The firm took loan of Rs 2,00,000 from Nirmal on 1st December 2024. Before giving effect to the above, the firm incurred a loss of Rs 10,000 for the year ended 31st March 2025. Determine the amount to be transferred to profit & loss appropriation Account.
11 :- Ankit, Bhanu, and Charu are partners in a firm sharing profits and losses equally with a capital of Rs 2,50,000 each. On 1st October, 2024, Ankit and Bhanu gave loans of Rs 2,50,000 each to the firm whereas Charu took a loan of Rs 1,00,000 from the firm on 1st November, 2024. It was agreed among the partners that Charu will be charged interest @ 6% p.a.. Interest on loans from partners was paid on 10th April, 2025. The firm closes its books on 31st March each year. Pass the Journal entries in the books of the firm for the year ended 31st March, 2025.
12 :- Atul, Jetha, and Tarak are partners sharing profits equally. Jetha was given a loan by the firm on 1st July, 2024 of Rs 6,00,000. Books are closed on 31st March, What Journal entries will be passed if
(a) Rate of Interest is not agreed; and
(b) Rate of interest to be charged is agreed @ 10% p.a.?
13 :- Parul, Paresh, and Rahul are partners in a firm. The firm gave a loan to Rahul on 1st February, 2025 of Rs 6,00,000. Interest was agreed to be charged @ 6% p.a. Interest was paid by cheque up to February, 2025 by Rahul on 5th March, 2025 and the balance was yet to be paid by him on 5th April, 2025.
Pass the necessary journal entries for interest on loan to 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)