[ISC] Q. 28 Solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)

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Solution of Question number 28 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2024-25 Edition ISC Board.

Nimrat and Deep are partners having capitals as on 1st April, 2023 as Nimrat – ₹ 4,80,000 and Deep as ₹ 1,00,000 (Debit). On 1st September, 2023, Deep introduced capital of ₹ 2,50,000 and withdrew ₹ 30,000 on 1st February, 2024. Nimrat withdrew ₹ 60,000 on 1st March, 2024. Interest on capital is to be allowed @ 8% p.a.

Calculate the interest on capital for Nimrat and Deep for the year ended 31st March, 2024.

Solution:-

Note:- No Interest is allowed on the debit balance of partner’s capital.

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