[ISC] Q. 18 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

Solution of Question number 18 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board.

Emm and Ell are partners having fixed capitals of ₹ 5,00,000 and ₹ 6,00,000 respectively. The opening balances in their current accounts were: Emm – ₹ 1,00,000 (Cr.) and Ell – ₹ 1,00,000 (Dr.). Partnership Deed allows interest on capital and also allows and charges interest on Current Accounts @ 6% p.a.

Calculate the interest allowed or charged by the firm.

Solution:-

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