[CBSE] Q. 45 solution of Fundamentals of Partnership Firms TS Grewal Book 2023-24 Edition

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Are you looking for the solution of Question number 45 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2023-24 Edition?

Question number 45 of Accounting for Partnership Firms – Fundamentals is a theoretical one.

Solution of Question number 45 of Accounting for Partnership Firms – Fundamentals TS Grewal Book CBSE 2023-24 Edition

Q. 45

The capital accounts of Tisha and Divya showed credit balances of ₹ 10,00,000 and ₹ 7,50,000 respectively after taking into account drawings and net profit of ₹ 5,00,000. The drawings of the partners during the year ended 31st March, 2024 were:

i) Tisha withdrew ₹ 25,000 at the end of each quarter

(ii) Divya’s drawings were:

31st May, 2023₹ 20,000
1st November, 2023₹ 17,500
1st February, 2024₹ 12,500

Calculate interest on partner’s Capitals @ 10% p.a. and interest on partner’s drawings @ 6% p.a. for the year ended 31st March 2024.

Ans:-

Tisha (₹)Divya (₹)
Opening Capital8,50,0005,50,000
Interest on Capital85,00055,000
Interest on Drawings2,2501563

Solution:-

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Anurag Pathak

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