[ISC] Q. 20 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

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Solution of Question number 20 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board.

Sumant and Rumant Contribute ₹ 8,00,000 and ₹ 4,00,000 respectively as capitals on which they agree to allow interest @ 6% p.a. They are to share profits in the ratio of 3 : 2. Net Profit for the year is ₹ 60,000. Show the relevant account to allocate interest on capital: (i) if Partnership Deep is silent about the treatment of interest on capital, and (ii) if interest is a charge as per Partnership Deed. Drawings during the year were ₹ 36,000 each and the net profit share of each partner was ₹ 30,000.

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