[ISC] Q. 2 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

Solution of Question number 2 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board.

Karan, Nakul, and Asha are partners in a firm and do not have a Partnership Deed. Karan introduced a further capital of ₹ 2,00,000 on 1st October 2022. Whereas Asha took a loan of ₹ 50,000 from the firm on 1st October 2022, Disputes have arisen among them on the following issues:

(i) Karan demands interest @ 10% p.a. on ₹ 2,00,000 being his extra capital.

(ii) Nakul desires that his son Deep should be admitted as a partner and he will give him half of his share. Karan and Asha do not agree.

(iii) Karan and Nakul are of the view that Asha should be charged interest on loan from the firm at the lending rate of banks, which is 12% p.a.

(iv) Nakul has withdrawn ₹ 50,000 from the firm for his personal use. Karan and Asha are of the view that Nakul should be charged interest @ 10% p.a.

You are required to give a solution 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 on Karan’s capital will be provided.

2) In the absence of a partnership deed, the provisions of the Indian Partnership Act 1932 Apply. In order to admit a new partner. The consent of all the partners is mandatory

3) In the absence of a partnership deed, the provision of the Indian Partnership Act, of 1932 would Apply. No Interest would be charged to Asha on her loan from the firm

4) In the absence of a partnership deed, the provisions of the Indian Partnership Act, of 1932 would Apply. Nakul will be charged no Interest on her drawings.

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