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TS Grewal Solutions for Class 12 Accountancy – Accounting for Partnership Firms- Fundamentals
June 23, 2017 by Bhagya 23 Comments
TS Grewal Solutions for Class 12 Accountancy – Accounting for Partnership Firms- Fundamentals (Volume I)
Question 1.
In the absence of Partnership Deed, what are the rules relating to:
a. Salaries of partners,
b. Interest on partner’s capitals,
c. Interest on partner’s loan,
d. Division of profit, and
e. Interest on partners’ drawings?
Solution:
ts-grewal-solutions-class-12-accountancy-accounting-partnership-firms-fundamentals-1
Question 2.
Following differences have arisen among P, Q and R. State who is correct in each case:
a. P used Rs.20,000 belonging to the firm and made a profit of Rs.5,000. Q and R want the amount to given to the firm?
b. Q used Rs.5,000 belonging to the firm and suffered a loss of Rs.1,000. He wants the firm to bear the loss
c. P and Q want to purchase goods from A Ltd., R does not agree?
d. Q and R want to admit C as partner, P does not agree?
Solution:
a. P is bound to pay Rs.20,000 along with profit of Rs.5,000 to the firm because this amount belongs to the firm. Explanation: According to the principal and agent relationship, P is principal as well as agent to the firm and to Q and R. As per the rule, any profit earned by an agent (P) by using the firm’s property is attributable to the firm.
b. Q is liable to pay Rs.5,000 to the firm. According to the Partnership Act, every partner of a partnership firm is liable to the firm for any loss caused by his/her wilful negligence.
Explanation: Here, Q is solely responsible for the loss of Rs.1,000 because he used the property of the firm and also represented himself as a principal rather than an agent to the other partners and to the firm.
c. P and Q may buy goods from A Ltd.
Explanation: According to the Partnership Act, a partner has a right to buy and sell goods without consulting the other partners unless a Public Notice has been given by the partnership firm to restrict the partners to buy and sell.
d. C will not be admitted because one of the partners, P, has not agreed to admit C. Explanation: According to the Partnership Act, a new partner cannot be admitted into a firm unless all the existing partners agree on the same decision. In other words, a new partner can be admitted in a partnership firm with the consent of all the existing partners.
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Question 3.
A, B C are partners in a firm. They have no partnership agreement for their guidance. At the end of the first of the commencement of the firm, they have faced the following problems:
a. A wants that interest on capital should be allowed to the partners but B and C do not agree.
b. B wants that the partners should be allowed to draw salary but A and C do not agree.
c. C wants that the loan given by him to the firm should bear interest @ 10% p.a. but A and B do not agree.
d. A and B having contributed larger amounts of capital, desire that the profits should be divided in the ratio of their capital contribution but C does not agree.
State how you will settle these disputes if the partners approach you for the purpose.
Solution:
ts-grewal-solutions-class-12-accountancy-accounting-partnership-firms-fundamentals-3
Question 4.
M and N are partners in a firm. M has given a loan of Rs.8,000 to the firm on 1st July, 2016. The Partnership Deed is silent upon the question of provision of interest on partner’s loan. Compute the amount of interest payable on the loan advanced by M to the firm, assuming the books are closed on 31st March each year.
Solution:
ts-grewal-solutions-class-12-accountancy-accounting-partnership-firms-fundamentals-4
Question 5.
A and B are partners in a firm sharing profits equally. They had advanced to the firm a sum of Rs.30,000 as a loan in their profit-sharing ratio on 1st October, 2015. The Partnership Deed is silent on the question of interest on the loan from partners. Compute the interest payable by the firm to the partners, assuming the firm closes its books on 31st March each year.
Solution:
ts-grewal-solutions-class-12-accountancy-accounting-partnership-firms-fundamentals-5
Question 6.
Mahesh and Ramesh are partners with capitals of Rs.50,000 and Rs.60,000 respectively. On 1st January, 2016, Mahesh gives a loan of Rs.10,000 and Ramesh introduced Rs.20,000 as additional capital. Profit for the year ended 31st March, 2016 was Rs.15,200. There is no Partnership Deed. Both Mahesh and Ramesh expect interest @ 10% p.a. on the loan and additional capital advanced by them.
Show how the profits would be divided? Give reasons.
Solution: