[ISC] Q. 2 Solution of Fundamentals of Partnership TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 2, Chapter 1 Partnership Accounts – Fundamentals, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 2
Karan, Nakul and Asha are partners in a firm and do not have a Partnership Deed. Karan introduced 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 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 the 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- (iv) Nakul has withdrawn ₹ 50,000 from the firm for his personal use.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 solution to each issue of dispute.
Solution
All questions of Chapter 1
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About this solution
This is Chapter 1 Partnership Accounts – Fundamentals of TS Grewal Edition 2023-24 (ISC Board).
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 Guidelines Issued by the ISC Council. Just follow our presentation of solutions and score good marks in Accountancy ISC Board Exam.
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