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

Are you looking for the solution of Question number 3 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2022-23 Edition?

Question number 3 of Accounting for Partnership Firms – Fundamentals is a theoretical one.

Solution of Question number 3 of Accounting for Partnership Firms – Fundamentals TS Grewal Book CBSE 2022-23 Edition

Q. 3.

Following differences have arisen among P, Q, and R. State who is correct in each case:

a) P used ₹ 50,000 belonging to the firm and earned a profit of ₹ 5,000. Q and R want the amount to be given to the firm.

b) Q used ₹ 10,000 belonging to the firm and incurred a loss of ₹ 1,000. He wants the firm to bear the loss.

c) P and Q want to purchase goods from Star Ltd., R does not agree.

d) Q and R want to admit W as partner, P does not agree.

e) R had given loan of ₹ 2,00,000 to the firm and demands interest @ 10% p.a., P and Q do not want to pay the interest.

Answer:- 3

Here is the solution of it.

a) If any partner uses the money of the firm and earned a profit. He has to pay back the used money with profit. hence, p has to back ₹ 55,000 to the firm.

b) If any partner uses the firm money and incurred a loss. He has to bear the loss and the full amount of money taken by the partner has to return back the the firm. hence Q has to pay ₹ 10,000 to the the firm.

c) any business decision is decided by the majority. Hence P and Q want to purchase goods from star Ltd is accepted as there are only 3 partners and majority win.

d) w as a partner can not be admitted as for a new partner all partners must agree.

e) In the absence of partnership dee. Provisions of Indian Partnership Act 1932 would apply. Only 6% p.a rate of interest on the loan of partners to the firm would be charged. Hence. on the place of 10% p.a only 6% p.a rate of interest would be charged.

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