In The absence of a Partnership Deed, State the provisions of the Partnership Act, 1932 relating to:
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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
Solution:-
Akhil, Sunil, and Parvesh are partners sharing profits in the ratio of 3 : 2 : 1. Sunil had given a loan to the firm on 1st November 2022 of ₹ 4,00,000
Solution:- 1st Method:- Working Notes:- 2nd Method:-
Akhil and Bimal are partners sharing profits in the ratio of 3 : 2. Akhil gave a loan to the firm of ₹ 1,00,000 on 1st October 2022
Solution:-
Nirmal and Pawan are partners sharing profits in the ratio of 3 : 2. The firm had given a loan to Pawan of ₹ 5,00,000 on 1st April
Solution:-
Vinod and Mohan are partners. Vinod’s Capital is ₹ 1,00,000 and Mohan’s Capital is ₹ 60,000. Interest on Capital is payable @ 6% p.a
Solution:-
X, Y, and Z are partners in a firm sharing profits in the ratio of 2 : 2 : 1. Fixed Capitals of the partners were: X ₹ 5,00,000; Y ₹ 5,00,000 and Z ₹ 2,50,000 respectively
Solution:-
X and Y are partners sharing profits in the ratio of 3 : 2 with capitals of ₹ 8,00,000 and ₹ 6,00,000 respectively.
Solution:-
Atul and Mithun are partners sharing profits in the ratio of 3 : 2. Balances as on 1st April 2022 were as follows
Solution:- Partner’s Share in Divisible Profit. Atul’s Share = 1,20,000 × 3/5 = ₹ 72,000 Mithun’s Share = ₹ 1,20,000 × 2/5 = ₹ 48,000
Reema and Seema are partners sharing profits equally. The Partnership Deed provides that both Reema and Seema will get a monthly salary of ₹ 15,000 each, Interest on Capital will be allowed @ 5% p.a. and Interest on Drawings will be charged @ 10% p.a. Their capitals were ₹ 5,00,000 each and drawings during the year were ₹ 60,000 each.
Solution:- Instructions:- In the case of Loss, Interest on the partner’s capital, salary, and commission are not charged. As these items are appropriated out of profits. Thus in the case of loss, such items can not be provided.