[ISC] Q. 42 Solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)

Solution of Question number 42 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2024-25 Edition ISC Board.

Ramesh and Pradeep are in partnership from 1st July, 2023 with capitals, Ramesh – ₹ 3,00,000 and Pradeep – ₹ 2,00,000. Pradeep withdrew same amount at the end of every quarter. Interest on drawings of Pradeep @ 10% p.a. for the year ended 31st March, 2024 was ₹ 10,800. Determine the amount withdrawn each quarter by Pradeep.

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

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