[ISC] Q. 29 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition
Solution of Question number 29 of the Fundamentals of partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board.
Akshay and Rajesh are partners sharing profits and losses equally with capitals of ₹ 3,00,000 and ₹ 2,00,000 respectively. Their drawings during the year are:
Akshya’s drawings on:
| 30th June, 2022 | ₹ 5,000 |
| 31st July 2022 | ₹ 6,000 |
| 1st October 2022 | ₹ 4,500 |
| 1st March, 2023 | ₹ 14,000 |
Rajesh drew ₹ 3,000 at the end of each month. The Partnership Deed provides interest on capitals and drawings @ 6% p.a.
Calculate interest on capital and drawings assuming the firm closes its books on 31st March every year.
Solution:-
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