PARTNERSHIP FUNDAMENTALS Chapter -1 Question 4 & 5 Class -12 accounts
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PARTNERSHIP FUNDAMENTALS Chapter -1 Question
PARTNERSHIP FUNDAMENTALS Chapter -1 Question 4 & 5 Class -12 accounts
4. Barun, Tarun and Shivam are partners in a firm and do not have a Partnership Deed. Barun introduced further capital of 5,00,000 on 1st October, 2022. Whereas Shivam took loan of 50,000 from the firm on 1st October, 2022. Disputes have arisen among them on the following:
(a) Barun demands interest @ 10% p.a. on ₹ 5,00,000 being his extra capital.
(b) Tarun desires that his son Deep should be admitted as partner and he will give him half of his share.
Barun and Shivam do not agree.
(c) Barun and Tarun are of the view that Shivam should be charged interest on loan from the firm at the lending rate of the banks, which is 12% p.a.
(d) Tanun has withdrawn 50,000 from the firm for his personal use. Barun and Shivam are of the view that Tarun should be charged interest @ 10% p.a.
Give solution to each issue of dispute.
Ans: In the absence of Partnership Deed, the provisions of Indian Partnership Act, 1932 will apply:
[ (a) Interest will not be paid on extra capital introduced, (b) Deep cannot be admitted as
Barun and Shivam don't agree, (c) No interest will be charged from Shivam as rate of interest was not agreed, (d) Interest on drawings will not be charged from Tarun.]
Harshad and Dhiman are in partnership since 1st April, 2022. No partnership agreement was made. They contributed 4,00,000 and 1,00,000 respectively as capitals. In addition, Harshad had given loon of 1,00,000 to the firm on 1st October, 2022. Due to long illness. Harshad could not participate in business activities from 1st August, 2022 to 30th September, 2022. Profit for the year 31st March, 2023 was 1.80.000 Dispute has arisen between Harshad and Dhiman. ended 31st
Harshad Claims
(i) He should be given interest @ 10% per annum on capital and loan,
(1) Profit should be distributed in the ratio of capital
Dhiman Claims
10 Profits should be distributed equally;
ii) He should be allowed 2,000 p.m. as remuneration for the period he managed the business in the
absence of Harshad:
(i) Interest on Capital and loan should be allowed g 6% pa
You are required to settle the dispute between Harshad and Dhiman. Also prepare Profit & Loss Appropriation Account
#accountancy
#class12accounts
#accounting
#harshadanddhiman
#partnershipfundamentals
#msacademyaccounts
#tsgrewalclass12
4. Barun, Tarun and Shivam are partners in a firm and do not have a Partnership Deed. Barun introduced further capital of 5,00,000 on 1st October, 2022. Whereas Shivam took loan of 50,000 from the firm on 1st October, 2022. Disputes have arisen among them on the following:
(a) Barun demands interest @ 10% p.a. on ₹ 5,00,000 being his extra capital.
(b) Tarun desires that his son Deep should be admitted as partner and he will give him half of his share.
Barun and Shivam do not agree.
(c) Barun and Tarun are of the view that Shivam should be charged interest on loan from the firm at the lending rate of the banks, which is 12% p.a.
(d) Tanun has withdrawn 50,000 from the firm for his personal use. Barun and Shivam are of the view that Tarun should be charged interest @ 10% p.a.
Give solution to each issue of dispute.
Ans: In the absence of Partnership Deed, the provisions of Indian Partnership Act, 1932 will apply:
[ (a) Interest will not be paid on extra capital introduced, (b) Deep cannot be admitted as
Barun and Shivam don't agree, (c) No interest will be charged from Shivam as rate of interest was not agreed, (d) Interest on drawings will not be charged from Tarun.]
Harshad and Dhiman are in partnership since 1st April, 2022. No partnership agreement was made. They contributed 4,00,000 and 1,00,000 respectively as capitals. In addition, Harshad had given loon of 1,00,000 to the firm on 1st October, 2022. Due to long illness. Harshad could not participate in business activities from 1st August, 2022 to 30th September, 2022. Profit for the year 31st March, 2023 was 1.80.000 Dispute has arisen between Harshad and Dhiman. ended 31st
Harshad Claims
(i) He should be given interest @ 10% per annum on capital and loan,
(1) Profit should be distributed in the ratio of capital
Dhiman Claims
10 Profits should be distributed equally;
ii) He should be allowed 2,000 p.m. as remuneration for the period he managed the business in the
absence of Harshad:
(i) Interest on Capital and loan should be allowed g 6% pa
You are required to settle the dispute between Harshad and Dhiman. Also prepare Profit & Loss Appropriation Account
#accountancy
#class12accounts
#accounting
#harshadanddhiman
#partnershipfundamentals
#msacademyaccounts
#tsgrewalclass12
- #education
- #ts_grewal_chapter_1_solution_5_class_12_accounts
- #partnership_fundamentals_class_12_accounts_session_2023_24
- #accounting_for_partnership_firm_chapter_1ts_grewal_solution_4_class_12_accounts
- #class_12_accounts_ts_grewal_chapter_1solution_4
- #ts_grewal_class_12_accounts_chapter_1_solution_5
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