Q. 3 solution of Fundamentals of Partnership Firms TS Grewal Book 2021-22 Edition

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Are you looking for the solution of Question number 3 page 2.81 of the Fundamentals of partnership firm chapter TS Grewal Book 2021-22 Edition?

Question number 3 at the page number 2.81 of Accounting for Partnership Firms – Fundamentals is of a theoretical one.

Solution of Question number 3 of Accounting for Partnership Firms – Fundamentals TS Grewal Book 2021-22 Edition

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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