[CBSE] Q. 29 solution of Fundamentals of Partnership Firms TS Grewal Book (2023-24)

Solution of Question number 29 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2023-24 Edition?

Following is the extract of the Balance Sheet of Neelkant and Mahadev as on 31st March 2023:

Balance Sheet as at 31st March, 2023

Liabilities	₹	Assets	₹
Neelkant’s Capital Mahadev’s Capital Neelkant’s Current A/c Mahadev’s Current A/c Profit & Loss A/c (2022-23)	10,00,000 10,00,000 1,00,000 1,00,000 8,00,000	Sundry Assets	30,00,000
	30,00,000		30,00,000

During the year, Mahadev’s drawings were ₹ 30,000. Profit during the year ended 31st March 2023 is ₹ 10,00,000. Calculate interest on capital @ 5% p.a. for the year ending 31st March 2023.

[Ans: Interest on Capital: Neelkant – ₹ 50,000; Mahadev – ₹ 50,000]

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