PARTNERSHIP: FUNDAMENTALS T.S GREWAL CH-1 Question no -1 ,2 & 3 Class -12 accounts

PARTNERSHIP: FUNDAMENTALS T.S GREWAL CH-1 Question no -1 ,2 & 3 Class -12 accounts

Partnership Deed

1. in the absence of Partnership Deed, state the provisions of the Partnership Act, 1932 relating to

(a) Salaries of partners,

(c) Interest on loan by partner,

(e) Interest on partners drawings,

(b) Interest on partners capitals,

(d) Division of profit,

(1) interest on Loan given to partners?

(Ans: (a) Not allowed, (b) Not allowed; (c) 6% pa; (d) Equal (e) Not charged, (f) Not charged.)

2. Mahesh, Ramesh and Suresh are partners in a firm. They do not have a Partnership Deed. At the end of the

first year of the business, they faced the following problems (a) Mahesh wants that interest on capital should be allowed to the partners but Ramesh and Suresh do

not agree

(b) Ramesh wants that the partners should be allowed to draw salary but Mahesh and Suresh do not agree (c) Mahesh and Ramesh want that Suresh should pay interest on loan given to him by the firm but Suresh

does not agree. id Mahesh and Ramesh having contributed larger amounts of capital, desire that the profits should be

distributed in the ratio of their capital contribution but Suresh does not agree.

State how will these disputes be settled.

[Ans: (a) Mahesh's claim is not accepted, (b) Ramesh's claim is not accepted, (c) Mahesh and Ramesh's claim is not accepted: Suresh will not pay interest in the absence of agreement, and (d) Profits or losses would be distributed among the partners equally.

The claim made by Mahesh and Ramesh is not accepted]

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

(a) Pused 50,000 belonging to the firm and earned a profit of 5,000. O and R want the amount to be

given to the firm. (b

) Q used 10,000 belonging to the firm and incurred a loss of 1,000. He wants the firm to bear the loss.

(c) P and Q want to purchase goods from Star Ltd.. A does not agree

(d) Qand & want to admit W as partner, P does not agree

Rhad given loan of 2,00,000 to the firm and demands interest @ 10% pa. P and Q do not want to pay the interest

(Ans: ja) P must pay 55,000: (b) Q must pay 10,000; (c) Goods may be bought from Star Ltd., (d) W cannot be admitted: (e) R will get interest @ 5% pa

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 shade.

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% р.а.

(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% pa

Give solution to each issue of dispute.

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