[ISC] Q. 45 Solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)
Solution of Question number 45 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2024-25 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
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