[ISC] Q. 19 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

Solution of Question number 19 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board?

Calculate interest on Capital and on Current Accounts @ 5% p.a. from the following Balance Sheet as at 31st March 2023 of Anu and Bobby:

Balance Sheet as at 31st March, 2023

Liabilities	₹	Assets	₹
Sundry Creditors Expenses Payable Capital A/cs: Anu Bobby Current A/c Anu	40,000 10,000 2,00,000 2,50,000 40,000	Cash in Hand Cash at Bank Current A/c: Bobby Fixed Assets	10,000 90,000 50,000 3,90,000
	5,40,000		5,40,000

Drawings during the year were ₹ 36000 each and the net profit share of each
partner was ₹ 30,000

Solution:-

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