Solution for Q 31 to 40 of Chapter 1 of T S Grewal Class 12 Accountancy 2026-27 are given below. These partnership fundamentals class 12 T S Grewal Solutions are based on topics interest on capital, salary or commission to partners, interest on partners' drawings.
Working notes are given with each solution. These help in understanding the steps and are also important for board exams as marks are given for steps. These solutions are also useful for CA Foundation, CS Foundation and CMA Foundation students. The solutions will be helpful for students as well as teachers teaching class 12 accounts.
Question 31
| (i) |
| No interest on capital will be paid as deed is silent |
| Distribution of Profits |
|
| Partner Name |
Profit Ratio |
Profit Share |
Profit Share |
| Sonia |
5 |
5/8*2400000 |
1500000 |
| Shruti |
3 |
3/8*2400000 |
900000 |
| (ii) |
|
|
|
| Interest on Capital |
|
| Partner Name |
Capital |
Int Rate |
Interest |
| Sonia |
2500000 |
10% |
2500000*10/100 = 250000 |
| Shruti |
1500000 |
10% |
1500000*10/100 = 150000 |
| Calculation of Distributable profits |
| Profit for the year |
2400000 |
| Less - Interest on Capital |
400000 |
| Distributable profits |
2000000 |
| Distribution of Profits |
|
| Partner Name |
Profit Ratio |
Profit Share Cal |
Profit Share |
| Sonia |
5 |
5/8*2000000 |
1250000 |
| Shruti |
3 |
3/8*2000000 |
750000 |
Question 32
| Net profit for the year |
110000 |
| Commission @ 10% |
11000 |
Question 33
| Net profit before charging commission |
220000 |
| Commission @ 10% after charging commission |
20000 |
| (220000 X 10 / (100+10)) |
Question 34
| Step 1 |
|
| Net Profit before charging commission |
180000 |
| Commission @ 20% after charging commission |
30000 |
| (180000 X 20 / (100+20) |
| Step 2 - The above commission will be shared between the partners in the given ratio |
| Partner |
Ratio |
Amount |
| A |
2 |
6000 |
| B |
3 |
9000 |
| C |
2 |
6000 |
| D |
3 |
9000 |
| Total |
|
30000 |
| Step 3 |
|
| Total Profits |
180000 |
| Less -Commission paid |
30000 |
| Balance distributable profits |
150000 |
| Step 4 - Share of profits |
| |
|
|
| A |
60000 |
(150000*4/10) |
| B |
45000 |
(150000*3/10) |
| C |
30000 |
(150000*2/10) |
| D |
15000 |
(150000*1/10) |
Question 35
| Net profit before charging Commission |
420000 |
| |
|
| Salary to X |
120000 |
| Salary to Y |
25000 |
| |
|
| Net Profit after salary before commission |
275000 |
| |
|
| Commission to X @ 10% |
27500 |
| |
|
| Net Profit after salary, after X Comm, before Y Com |
247500 |
| |
|
| Y's Commission @ 10% |
22500 |
| (247500 X 10 / (100 + 10)) |
| |
|
| Balance Profit |
225000 |
| |
|
| X's share in profits |
112500 |
| Y's Share in profits |
112500 |
| |
|
| Note : Profit sharing ratio is assumed to be equal |
Question 36
| Description |
Ram |
Mohan |
| Amount of drawings |
120000 |
80000 |
| Rate of Interest |
6% |
6% |
| Period of Interest (Months) |
6 |
6 |
| Interest Amount |
3600 |
2400 |
| |
120000*6/100*6/12 |
80000*6/100*6/12 |
| Note: |
| (Assumed in middle of the month as date of drawings not given) |
Question 37
| Description |
Brij |
Mohan |
| Amount of drawings |
48000 |
36000 |
| Rate of Interest |
10% |
10% |
| Period of Interest (Months) |
6 |
6 |
| |
|
|
| Interest Amount |
2400 |
1800 |
Question 38
| Dev drawings every month |
10000 |
| No of months |
12 |
| Total Drawings |
120000 |
| Rate of Interest |
12% |
| Period of Interest (Months) |
6 |
| |
|
| Interest Amount |
7200 |
Question 39
| Partner drawings every quarter |
9000 |
| No of quarters |
4 |
| Total Drawings |
36000 |
| Rate of Interest |
6% |
| Period of Interest (Months) |
4.5 |
| (9 months + 0 months)/2 |
| Interest Amount |
810 |
Question 40
| A's drawings every month |
4000 |
|
| No of months |
6 |
|
| Total Drawings |
24000 |
|
| Rate of Interest |
5% |
|
| Period of Interest (Months) |
3.5 |
|
| (6 months + 1 month) / 2 |
| |
|
|
| Interest Amount |
350 |
(24000*5/100*3.5/12) |
| Note : Calculation of Average period for Interest on Drawings |
| 1st Drawings |
last Drawings |
Average |
| 01-Apr-24 |
1-Sep-24 |
|
| 6 months |
1 month |
3.5 months |
Q 1-10 | Q 11-20 | Q 21-30 | Q 31-40 | Q 41-50 | Q 51-60 | Q 61-70 | Q 71-80 | Q 81-92
T S Grewal Solutions – Partnership Firms Fundamentals – All Questions
T S Grewal Solutions Class 12 2026-27 – All Chapters
