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Solution of Q 3 Fundamentals of Partnership Firm TS Grewal 2023-24 [CBSE]

Question 3 of 95Chapter 1Class 12 · CBSE✍ Vijay Adarsh

Step-by-step solution of Question 3, Chapter 1 Accounting for Partnership Firms – Fundamentals, TS Grewal Class 12 Accountancy 2023-24 for the CBSE Board.

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Question 3

Following differences have arisen among P, Q and R. State who is correct in each case:

  1. (a) P used ₹50,000 belonging to the firm and earned a profit of ₹5,000. Q and R want the amount to be given to the firm.
  2. (b) Q used ₹10,000 belonging to the firm and incurred a loss of ₹1,000. He wants the firm to bear the loss.
  3. (c) P and Q want to purchase goods from Star Ltd., R does not agree.
  4. (d) Q and R want to admit W as partner, P does not agree.
  5. (e) R had given loan of ₹2,00,000 to the firm and demands interest @ 10% p.a. P and Q do not want to pay the interest.
TS Grewal Class 12 Fundamentals of Partnership Firm Question 3

Solution

Solution of Q 3 Fundamentals of Partnership Firm TS Grewal 2023-24
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About this solution

This is Chapter 1 Accounting for Partnership Firms – Fundamentals of TS Grewal Edition 2023-24.

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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