[CBSE] Q. 5 Solution of Fundamentals of Partnership Firms TS Grewal Book (2023-24)

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Solution of Question number 5 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2023-24 Edition?

Harshad and Dhiman are in partnership since 1st April 2022. No Partnership agreement was made. They contributed ₹ 4,00,000 and ₹ 1,00,000 respectively as capitals. In addition, Harshad had given a loan of ₹ 1,00,000 to the firm on 1st October 2022. Due to a long illness, Harshad could not participate in business activities from 1st August 2021 to 30th September 2022. Profit for the year ended 31st March 2023 was ₹ 1,80,000. A dispute has arisen between Harshad and Dhiman.

Harshad Claims:

i) He should be given interest @ 10% per annum on capital and loan,

ii) Profit should be distributed in the ratio of capital.

Dhiman Claims:-

i) Profits should be distributed equally;

ii) He should be allowed ₹ 2,000 p.m. as remuneration for the period he managed the business in the absence of Harshad;

iii) Interest on Capital and loan should be allowed @ 6% p.a.

You are required to settle the dispute between Harshad and Dhiman. Also, prepare a Profit and Loss Appropriation Account.

Solution:-

Harshad Claims

i) In the absence of a partnership deed. provisions of the Indian Partnership Act 1932. No interest on capital is provided and interest on a loan of the partner is given @ 6% p.a.

ii) In the absence of a partnership deed, provisions of the Indian Partnership Act 1932. Profit should be distributed equally.

Dhiman Claims

i) In the absence of a partnership deed. provisions of the Indian Partnership Act 1932. His claim is right that profits should be shared equally.

ii) In the absence of a partnership deed. provisions of the Indian Partnership Act 1932. No remuneration will be allowed to Dhiman.

iv) In the absence of a partnership deed. provisions of the Indian Partnership Act 1932. No interest on capital is provided and interest on a loan of the partner is given @ 6% p.a.

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