[ISC] Q. 29 Solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)

Solution of Question number 29 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2024-25 Edition ISC Board.

Amrik and Avtar are partners having capitals as on 1st April, 2023 as Amrik – ₹ 2,40,000 and Avtar as ₹ 1,20,000 (Debit). On 1st September, 2023, Avtar introduced ₹ 2,40,000 as capital and withdrew ₹ 24,000 on 1st February, 2024. Amrik withdrew ₹ 60,000 on 1st March, 2024. Interest on capital is to be allowed and charged @ 10% p.a.

Calculate the interest on capital for Amrik and Avtar for the year ended 31st March, 2024.

Solution:-

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