[ISC] Q. 1 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2022-23 Edition

Are you looking for the solution of Question number 1 of the Fundamentals of partnership Accounts (Firm) chapter TS Grewal Book 2022-23 Edition ISC Board?

Question number 1 of Partnership Accounts – Fundamentals is a theoretical one of TS Grewal Book ISC Board 2022-23 .

Solution of Question number 1 of Partnership Accounts – Fundamentals TS Grewal Book ISC 2022-23 Edition

Here is the solution of it.

Q.1

Naman, Karman and Harman are partners since 1st April, 2021 but do not have a partnership Deed. They introduced capitals of ₹ 10,00,000, ₹ 8,00,000 and ₹ 6,00,000 respectively. Karman introduced further capital fo ₹ 4,00,000 on 1st October, 2021. Whereas Harman advanced ₹ 4,00,000 to the firm on 1st October, 2021. Business of the firm is being carried from the premises owned by Naman for a yearly rent of ₹ 1,20,000. Disputes have arisen among them on the following issues:

1) Karman wants that he should be paid interest @ 10% p.a. on his additional capital as his capital is more than the other partners.

2) Naman wants that he should be paid salary of ₹ 10,000 per month as he is devoting more thime to the business.

3) Harman wants that he should be allowed interest on loan at the lending rate of the banks, which is 12% p.a.

4) Naman has withdrawn ₹ 1,00,000 from the firm for his personal use. Karman and Harman want that Naman should be charged interest on his drawings @ 10% p.a.

5) Karman wants that profit should be shared by the partners in the ratio of capitals.

You are required to give solution to each issue of dispute.

Solution:-

1) In the absense of partnership deed, the provisions of Indian Partnership Act 1932 Apply. No Interest Karman capital will be provided.

2) In the absense partnership deed, the provisions of Indian Partnership Act 1932 Apply. No salary would be allowed to Naman.

3) In the absense partnership deed, the provisions of Indian Partnership Act, 1932 Apply. Interest on Harmans loan to partner would be allowed @ 6% pa.

4) In the absense partnership deed, the provisions of Indian Partnership Act, 1932 Apply. Interest on Drawings will not be allowed.

5) In the absence of a partnership deed, the provisions of the Indian Partnership Act, 1932 Apply. Profit would be shared equally among partners.

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