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[ISC] Q. 3 Solution of Fundamentals of Partnership TS Grewal ISC 2023-24 Edition

Question 3 of 78Chapter 1Class 12 · ISC✍ Vijay Adarsh

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

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Question 3

Simrat and Nimrat are partners since 1st April, 2022 without a Partnership Deed and they introduced capitals of ₹ 1,00,000 and ₹ 80,000 respectively. On 1st October, 2022, Simrat also gave loan of ₹ 75,000 to the firm without any agreement as to interest. Nimrat allows the firm to carry on business from premises owned by her for a yearly rent of ₹ 25,000. Profit as per the Profit & Loss Account for the year ended 31st March, 2023 was ₹ 1,50,000 before charging interest on loan and rent. The partners do not agree on allowing of interest and the basis of division of profits.

You are required to divide the profits giving reasons for your method.

TS Grewal Class 12 Fundamentals of Partnership Question 3

Solution

Solution of Q 3 Fundamentals of Partnership TS Grewal 2023-24 part 1
Solution of Q 3 Fundamentals of Partnership TS Grewal 2023-24 part 2
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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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