[ISC] Q. 35 Solution of Fundamentals of Partnership Firms TS Grewal Book ISC (2026-27)

Solution of Question number 35 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2026-27 Edition ISC Board.

Paras, Pawan and Parul are partners. Pawan and Parul are paid through bank accounts salary at the beginning of the month starting May, 2025 of 25,000 per month. Each partner withdrew 10,000 per month in the middle of the month. Partnership Deed provides for charging interest on drawings @ 10% p.a. At the end of the year on preparation of final accounts, Profit & Loss Account showed loss of 7,50,000 after salary to partners.

You are required to determine:

(a) Net Profit/Loss for the year; and

(b) Interest on Drawings for the year.

Solution:-