PARTNERSHIP FUNDAMENTALS T.S.GREWAL Question no 6,7 &8(interest on loan ) Class-12 Accounts 2023-24

PARTNERSHIP FUNDAMENTALS T.S.GREWAL Question no 6,7 &8( interest on loan )Class -12 Accounts session 2023-24 6. X and Y are partners sharing profits and losses in the ratio of 2: 3 with capitals of 2,00,000 and 3,00,000 respectively. On 1st October, 2022, X and Y gave loans of ₹ 80,000 and 40,000 respectively to the firm. Show distribution of profits/losses for the year ended 31st March, 2023 in each of the following 932 will appl e admitteda hivam as na from Tarun alternative cases: Case 1. If the profit before interest for the year amounted to ₹21,000. Case 2. If the profit before interest for the year amounted to ₹ 3,000. Case 3. If the profit before interest for the year amounted to ₹ 5,000. Case 4. If the loss before interest for the year amounted to ₹ 1,400. [Ans.: Interest on Loan by X 2,400; Interest on Loan by Y₹ 1,200; Case 1. Profit: X 6,960; Y₹ 10,440; Case 2. Loss: X 240; Y360; Case 3. Profit: X 560; Y₹ 840; Case 4. Loss: X₹2,000; Y₹3,000.] [Hint: Interest on Loan by partner is a charge against profit.] 7. Sita and Geeta are partners in a firm sharing profits in the ratio of 3: 2. They had given loan to the firm of 30,000 in their profit-sharing ratio on 1st October, 2022. The Partnership Deed is silent on interest on loans from partners. Compute interest payable by the firm to the partners, assuming the firm closes its books every year on 31st March. Ans.: Interest payable to Sita- 30,000 × 3/5×6/100×6/12=540; Interest payable to Geeta- 30,000 × 2/5 x 6/100 x 6/12=360.] [Hint: According to the Indian Partnership Act, 1932, interest @6%p.a. is payable on the amount of loan given by partners. In the present case, interest will be payable for 6 months, i.e., from 1st October, 2022 to 31st March, 2023.] 8. Bat and Ball are partners sharing the profits in the ratio of 2:3 with capitals of ₹ 1,20,000 and 60,000 respectively. On 1st October, 2022, Bat and Ball gave loans of 2,40,000 and 1,20,000 respectively to the firm. Bat had allowed the firm to use his property for business for a monthly rent of ₹ 5,000. Loss for the year ended 31st March, 2023 before rent and interest amounted to 9,000. Show distribution of [Ans.: Share of Loss: Bat- 31,920; Ball- 47,880.] profit/loss. [Hint: Interest on Loan by partner and Rent are charges against profit.] #accountancy #class12accounts #accounting #accounts #msacademyacvcounts #tsgrewal2023 #partnershipfundamentals #solution6 #seetaandgeeta #batandball