[ISC] Q. 16 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

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Solution of Question number 16 of the Fundamentals of partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board.

From the following Balance Sheet of Sujata and Swati, Calculate interest on capital @ 5% p.a. for the year ended 31st March 2023:

Balance Sheet as at 31st March, 2023

LiabilitiesAssets
Sujata’s Capital
Swati’s Capital
Workmen Compensation Reserve
9,000
8,000
4,000
Sundry Assets21,000
21,00021,000

During the year, drawings of Sujata and Swati were ₹ 1,000 and ₹ 3,000 respectively. Profit during the year was ₹ 6,000.

Workmen Compensation Reserve was set aside during the year ended 31st March 2023.

Solution:-

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