[ISC] Q. 26 Solution of Fundamentals of Partnership Firms TS Grewal Book ISC (2026-27)

Solution of Question number 26 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2026-27 Edition ISC Board.

Ranjan and Pankaj are partners having balances in current accounts as on 1st April, 2023 as Ranjan – ₹ 3,00,000 and Pankaj as ₹ 2,00,000 (Debit). On 1st October, 2023, Pankaj introduced ₹ 4,00,000 to cover the debit balance in current account. Interest on Current Accounts is to be allowed and charged @ 6% p.a.

Calculate the interest on Current Accounts for Ranjan and Pankaj for the year ended 31st March, 2024.

Solution:-