[CBSE] Q. 29 solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)
Solution of Question number 29 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2024-25 Edition?
Following is the extract of the Balance Sheet of Neelkant and Mahadev as on 31st March 2024:
Balance Sheet as at 31st March, 2024
| Liabilities | ₹ | Assets | ₹ |
| Neelkant’s Capital Mahadev’s Capital Neelkant’s Current A/c Mahadev’s Current A/c Profit & Loss A/c (2023-24) | 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 2024 is ₹ 10,00,000. Calculate interest on capital @ 5% p.a. for the year ending 31st March 2024.
[Ans: Interest on Capital: Neelkant – ₹ 50,000; Mahadev – ₹ 50,000]
Solution:-
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