Class 12 Accountancy | Accounting for partnership firm and fundamental | part 8 ts grewal

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🎓 *Class 12 Accountancy Chapter – Accounting for Partnership Firms: Fundamentals (Part 8)*
📚 Based on: *TS Grewal’s Book (2024-25 Edition)*
📘 CBSE Board | Topic: *Interest on Loan to Partner, Rent Paid & Rent Payable, Manager’s Commission*
👩‍🏫 For Students | In Simple & Easy Language
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🧾 **📌 Topics Covered in This Video (Part 8)**:

This video covers the most essential and commonly asked topics in CBSE Class 12 Accountancy under the *Fundamentals of Partnership**. These are small but very important adjustments that are often included in **final accounts* and **numerical problems**. Here's what you will learn in this session:

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📌 1. Interest on Loan Given by the Firm to a Partner

➡️ When a firm gives a *loan to a partner**, it earns **interest on that loan**. This interest is an **income for the firm* and an **expense for the partner**.
📍 **Important Rule**:

If the partnership deed mentions the interest rate → apply that rate.
If the deed is silent → no interest is charged.

✅ **Journal Entry**:

```
Partner’s Capital/Current A/c Dr.
To Interest on Loan A/c
(Being interest on loan to partner recorded)
```

🧠 *Note**: This is *opposite to the more commonly seen "Interest on Loan from Partner" which is an expense for the firm.

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📌 2. Rent Paid to a Partner by the Firm

➡️ If a partner allows the firm to use his/her *personal property* (like land/building) for business purposes, the firm may pay *rent* to the partner.

📍 Rent Paid to Partner is:

Treated as a **charge against profits**, if mentioned in the partnership deed.
Not divided among partners; it's paid directly to the partner providing the asset.

✅ **Journal Entry**:

```
Rent A/c Dr.
To Partner’s Capital/Current A/c
(Being rent paid to partner recorded)
```

📌 If rent is **payable but not yet paid**, it is treated as an **outstanding expense**:

✅ **Journal Entry**:

```
Rent A/c Dr.
To Outstanding Rent A/c
(Being rent payable to partner recorded)
```

➡️ In final accounts:

Rent paid appears on the *debit side of Profit & Loss A/c*
Outstanding Rent appears on *Liabilities side of Balance Sheet*

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📌 3. Illustration 5 – TS Grewal Book (Rent Payable and Manager’s Commission)

In this video, we solve **Illustration 5 from TS Grewal's Book**, which is a comprehensive question covering:

✅ Rent Payable to Partner
✅ Manager’s Commission on Net Profit
✅ Adjustments in Profit & Loss Appropriation Account
✅ Journal Entries for Rent and Commission
✅ Division of Profit among partners

🎯 **Why this illustration is important**:

It covers *real-life adjustments* in final accounts.
Helps in *understanding treatment of indirect incomes/expenses* in partnership.
Frequently asked in **CBSE Board Exams & Pre-Boards**.

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📈 **Why You Should Watch This Video**:

✔️ Clear explanation of journal entries for rent and interest
✔️ Detailed walkthrough of *Illustration 5*
✔️ Useful for last-minute revision and concept clarity
✔️ Covers *common CBSE adjustments* often confused by students
✔️ In line with latest *CBSE 2024-25 syllabus* and *Sample Paper trends*

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🏷️

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📚 **More Videos on Partnership Accounts**:

✅

🎥 Stay tuned for Part 9:

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💬 *Have Questions?*
Drop your doubts in the comments! I reply to every genuine query.
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📘 Happy Learning and All the Best for Your Exams! 🎓

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