[ISC] Q. 41 Solution of Fundamentals of Partnership Firms TS Grewal Book ISC (2026-27)

Solution of Question number 41 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2026-27 Edition ISC Board.

Pawan and Param started business on 1st July, 2023 with capitals of ₹ 3,00,000 and ₹ 2,00,000 respectively. Pawan withdrew ₹ 18,000 per quarter at the end of each partner. Interest on drawings was calculated ₹ 1,080 at the end of 31st March, 2024. Determine the rate of interest on drawings.

Solution:-

Note:- As the partnership starts on 1st July. there are only 3 quarters up to 31st March.

1st July – 30th September

1st October – 31st December

1st January – 31st March

The average Months Period would be

Months remaining after 1st Drawings (after 3oth September) + Months remaining after Last drawings (after 31st March)/2

6 + 0/2 = 3 Months