Solution of Q 4 Fundamentals of Partnership Firm TS Grewal 2022-23 [CBSE]
Step-by-step solution of Question 4, Chapter 2 Accounting for Partnership Firms – Fundamentals, TS Grewal Class 12 Accountancy 2022-23 for the CBSE Board.
Question 4
Bose, Sarkar and Chatterjee are partners in a firm and do not have a Partnership Deed. Bose introduced further capital of ₹5,00,000 on 1st October, 2021. Whereas Chatterjee took a loan of ₹50,000 from the firm on 1st October, 2021. Disputes have arisen among them on the following issues:
- (a) Bose demands interest @ 10% p.a. on ₹5,00,000 being his extra capital.
- (b) Sarkar desires that his son Deep should be admitted as partner and he will give him half of his share. Bose and Chatterjee do not agree.
- (c) Bose and Sarkar are of the view that Chatterjee should be charged interest on loan from the firm at the lending rate of the banks, which is 12% p.a.
- (d) Sarkar has withdrawn ₹50,000 from the firm for his personal use. Bose and Chatterjee are of the view that Sarkar should be charged interest @ 10% p.a.
You are required to give solution to each issue of dispute.
Solution
All questions of Chapter 2
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About this solution
This is Chapter 2 Accounting for Partnership Firms – Fundamentals of TS Grewal Edition 2022-23.
Written by Vijay Adarsh, teaching commerce since 2003 to Class 11, Class 12, B.Com, CA, CS and CMA students.
We have solved all the practical questions in this book and explained them Step by Step in detail with clear working notes.
Also, we have followed the proper format and workings which are required as per CBSE Guidelines. Just follow our presentation of solutions and score good marks in Accountancy Board Exam.
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