[ISC] Q. 20 Solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)

Solution of Question number 20 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2024-25 Edition ISC Board.

Ram and Laxman started business on 1st April 2023 with capitals of ₹ 20,00,000 and ₹ 12,00,000 respectively. On 1st May 2023, Ram introduced additional capital of ₹ 4,00,000 and Laxman withdrew ₹ 2,00,000 from his capital. On 1st October, 2023 Ram withdrew ₹ 8,00,000 from his capital and Laxman introduced ₹ 10,00,000. Interest on capital is allowed @ 6% p.a. Calculate the interest on capital for the year ending 31st March 2024.

Solution:-

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