[ISC] Q. 2 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 2 of the Fundamentals of partnership Accounts (Firm) chapter TS Grewal Book 2022-23 Edition ISC Board?

Question number 2 of Partnership Accounts – Fundamentals is a theoretical one of TS Grewal Book ISC Board 2022-23 .

Solution of Question number 2 of Partnership Accounts – Fundamentals TS Grewal Book ISC 2022-23 Edition

Question – 2

Amal, Kanchan and Tapas are partners in a firm and do not have a Partnership Deed. Amal introduced further capital of ₹ 2,00,000 on 1st October 2021. Whereas Tapas took a loan of ₹ 50,000 from the firm on 1st October 2021. Disputes have arisen among them on the following issues:

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

2) Kanchan desires that her son Deep should be admitted as a partner and she will give him half of her share. Amal and Tapas do not agree.

3) Amal and Kanchan are of the view that Tapas should be charged interest on the loan from the firm at the lending rate of the banks, which is 12% p.a.

4) Kanchan has withdrawn ₹ 50,000 from the firm for her personal use. Amal and Tapas are of the view that Kanchan 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 Amal’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 are mandatory

3) In the absence of a partnership deed, the provision of the Indian Partnership Act, 1932 would Apply. Amal and Kanchan would be provided Interest on their loan @ 6% p.a.

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

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Articles: 2015

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