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

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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

LiabilitiesAssets
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
5,40,0005,40,000

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

Solution:-

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