Class 12th Account chapter 1 question 3 solution (ts grewal)

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

(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.

(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., R does not agree.

(d) Q and R want to admit W as partner, P does not agree.

(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.

SOLUTION :-