[ISC] Q. 3 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2022-23 Edition

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Are you looking for the solution of Question number 3 of the Fundamentals of partnership Accounts (Firm) chapter TS Grewal Book 2022-23 Edition ISC Board?

Question number 3 of Partnership Accounts – Fundamentals is a theoretical one of TS Grewal Book ISC Board 2022-23 .

Solution of Question number 3 of Partnership Accounts – Fundamentals TS Grewal Book ISC 2022-23 Edition

Question – 3

Simrat and Nimrat are partners since 1st April 2021 without a Partnership Deed and they introduced capitals of ₹ 1,00,000 and ₹ 80,000 respectively. On 1st October 2021, Simrat also gave a loan of ₹ 75,000 to the firm without any agreement as to interest. Nimrat allows the firm to carry on business from premises owned by her for a yearly rent of ₹ 25,000. profit as per the Profit and Loss Account for the year ended 31st March 2022 was ₹ 1,50,000 before charging interest on loan and rent. The partners do not agree on allowing interest and the basis of division of profits.

Solution:-

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