[ISC] Q. 17 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

Solution of Question number 17 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board?

Gee and Ess are partners having fixed capitals of ₹ 3,00,000 each. They have opening credit balances of ₹ 1,00,000 and ₹ 2,00,000 respectively in the Current Accounts. Partnership Deed allows interest on capital and also allows and charges interest on Current Accounts @ 6% p.a.

Calculate the interest that will be allowed by the firm.

Solution:-

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