[ISC] Q. 1 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

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Solution of Question number 1 of the Fundamentals of partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board.

Ramesh, Mahesh, and Suresh are partners since 1st April 2022 but do not have a Partnership Deed.

They Introduced capitals o ₹ 10,00,000, ₹ 8,00,000 and ₹ 6,00,000 respectively. Mahesh introduced further capital of ₹ 4,00,000 on 1st October 2022. Whereas Suresh advanced ₹ 4,00,000 to the firm on 1st October 2022. Business of the firm is being carried from the premises owned by Ramesh for a yearly rent of ₹ 1,20,000. Disputes have arisen among them on the following issues:

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

(ii) Ramesh wants that he should be paid a salary of ₹ 10,000 per month as he is devoting some time to the business.

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

(iv) Ramesh has withdrawn ₹ 1,00,000 from the firm for his personal use. Mahesh and Suresh want that Ramesh should be charged interest on his drawings @ 10% p.a.

(v) Mahesh wants the profit should be shared by the partners in the ratio of capital.

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

Solution:-

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

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

3) In the absence partnership deed, the provisions of the Indian Partnership Act, of 1932 Apply. Interest on Suresh’s loan would be allowed @ 6% pa.

4) In the absence partnership deed, the provisions of the Indian Partnership Act, of 1932 Apply. No Interest on Drawings would be charged on Ramesh’s drawings.

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

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