Class 12th Account chapter 1 question 4  solution (ts grewal)

Question 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, 2023. Whereas Shivam took loan of ₹50,000 from the firm on 1st October, 2023. 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(d) Tarun has withdrawn ₹50,000 from the firm for his personal use.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.

SOLUTION:-