[ISC] Q. 14 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

Solution of Question number 14 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board.

Ram and Mohan are partners and their capitals for the year ended 31st March 2023 were ₹ 2,40,000 and ₹ 1,80,000 respectively. During the year 2022-23, Ram’s and Mohan’s drawings were ₹ 40,000 and ₹ 60,000 respectively. Profit (before charging interest on capital) during the year was ₹ 1,60,000. Calculate interest on capital @ 5% p.a. for the year ended 31st March 2023.

Assuming the capitals were fixed in problem 13, Calculate interest on capital.

Solution:-

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