TS Grewal Solutions 2026-27 [Class 12] – Partnership Fundamentals – Q 41 to 50

Solution for Q 41 to 50 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 partners' drawings, adjustment and trannsfer entries, profit and loss appropriation account and partner capital account

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 41

A's drawings every month	4000
No of months	6
Total Drawings	24000
Rate of Interest	5%
Period of Interest (Months)	2.5
(5 months + 0 month) / 2
Interest Amount	250	(240005/1002.5/12)
Note : Interest to be calculated only for 6 months

Question 42

C's drawings every month	5000
No of months	6
Total Drawings	30000
Rate of Interest	12%
Period of Interest (Months)	9.5
(12 months + 7 month) / 2
Interest Amount	2850	(3000012/1009.5/12)
Note : Interest to be calculated only for 12 months

Note :
Calculation of period for the drawings
1st drawing	last drawings	Average
01-Apr-24	1-Sep-24
12	7	9.5

Question 43

Description	Case 1	Case 2	Case 3
Drawings Date	Beginning	End	Middle
Partner drawings every quarter	7500	7500	7500
No of quarters	4	4	4
Total Drawings	30000	30000	30000
Rate of Interest	10%	10%	10%
Period of Interest (Months)	7.5	4.5	6
Average Period	(12+3)/2	(9+0)/2	(10.5+1.5)/2

Interest Amount	1875	1125	1500

Question 44

Calculation of Opening Capital and Interest on Capital
Description	Tisha	Divya
Closing Balance	1000000	750000
Add - Drawings	100000	50000
Less - Share of Profit	250000	250000	(Assumed to be equal)
Opening Balance	850000	550000

Interest on Capital @ 10%	85000	55000

Calculation of Interest on Drawings
Tisha
Description	Amount
Partner drawings every quarter	25000
No of quarters	4
Total Drawings	100000
Rate of Interest	6%
Period of Interest (Months)	4.5	(9+0)/2
Interest Amount	2250

Divya
Date of Drawings	Amount	Period (Mths)	Interest
31-May-23	20000	10	1000
01-Nov-23	17500	5	437.5
01-Feb-24	12500	2	125
Total	50000		1562.5

Question 45

Description	A	B	C
Drawings every month	10000	10000	10000
No of months	6	6	6
Total Drawings	60000	60000	60000
Rate of Interest	6%	6%	6%
Period of Interest (Months)	9.5	9	8.5
(12 months + 7 month) / 2	(12+7)/2	(11.5+6.5)/2	(11+6)/2

Interest Amount	2850	2700	2550
Note : Interest to be calculated only for 12 months

Question 46

Description	Piyush	Harmesh	Atul
Drawings every month	20000	20000	20000
No of months	12	12	12
Total Drawings	240000	240000	240000
Rate of Interest	x	x	x
Period of Interest (Months)	6.5	6	5.5
Avarage Period	(12+1)/2	(11.5+0.5)/2	(11+0)/2
Interest Amount	15600	14400	13200
Find the value of x in each case(%)	12	12	12

Note :

Interest to be calculated for 12 months

Question 47

Description	Aditi	Bobby	Krish
Interest on capital
Capital	500000	400000	200000
Interest on capital @10%	50000	40000	20000

Interest on Drawings
Drawings	60000	50000	0
Interest on Drawings @6%	1800	1500		(For 6 months)
(Drawings X 6/100 X 6/12)

Interest on Loan
Krish Loan			40000
Interest @9%			2100	(for 7 months)
(400009/1007/12)

Journal Entries
i) Interest on Bobby's Capital
Interest on Capital A/c Dr..	40000
To Bobby Capital A/c		40000

P&L Appr A/c Dr..	40000
To Interest on Capital A/c		40000

ii) Charging interest on Aditi Drawings
Aditi Capital A/c Dr..	1800
To Interest on Drawings A/c		1800

Interest on Drawings A/c Dr..	1800
To P&L Appr A/c		1800

iii) Interest on loan by krish
Interest on Loan A/c Dr..	2100
To Loan from Krish A/c		2100

Profit and Loss A/c Dr..	2100
To Interest on Loan A/c		2100

Question 48

Profit & Loss Appropriation A/c
Particulars		Amount	Particulars		Amount
To Interest on Capital			By Net profit as per P&L A/c		216000
Amit	20000
Vijay	15000	35000	By Interest on Drawings
			Amit	2200
To Salary to partners			Vijay	2500	4700
Amit	24000
Vijay	36000	60000

To Profit Transferred :
Amit Capital A/c	75420
Vijay Capital A/c	50280	125700

Total		220700	Total		220700

Question 49

Profit & Loss Appropriation A/c
Particulars		Amount	Particulars	Amount
To Interest on Capital			By Net profit as per P&L A/c	172000
A	5000
B	5000
C	10000	20000

To C's Salary		12000

To Profit Transferred :
A's Current A/c	50000
B's Current A/c	44000
C's Current A/c	46000	140000

Total		172000	Total	172000

Working Note :
Calculation of Interest on Capital
Description	A	B	C
Capital	50000	50000	100000
Interest @ 10%	5000	5000	10000

Appropriation of Profits
Description	A	B	C	Total
First 20K in proportion to capitals	5000	5000	10000	20000
(A:B:C = 1:1:2) i.e. fixed Capital ratio	20000*1/4	20000*1/4	20000*2/4

Next 30K (5:3:2)	15000	9000	6000	30000
	30000*5/10	30000*3/10	30000*2/10
Remaining (Equally)	30000	30000	30000	90000
Total	50000	44000	46000	140000

Note : Calculation of remaining profits
Total Divisible Profits	140000
Less - First 20K	20000
Less - Next 30K	30000
Balance Profits	90000	(140000-20000-30000)

Journal Entry
Profit & Loss Appropriation A/c Dr..	140000
To A's Current A/c		50000
To B's Current A/c		44000
To C's Current A/c		46000

Question 50

Profit & Loss Appropriation A/c
Particulars		Amount	Particulars		Amount
To Interest on Capital			By Net profit		253000
Yadu	54000
Vidu	30000		By Interest on Drawings
Radhu	24000	108000	Yadu	3200
			Vidu	2800
			Radhu	2000	8000

To Profit Transferred :
A	61200
B	45900
C	45900	153000

Total		261000	Total		261000

Note :

Profit as given in the question is already after interest on loan so no adjustment required

Interest on Drawings is calculated for 6 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

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