Q.67 Solution Fundamentals of Partnership Firm TS Grewal Book Class 12 CBSE
Step-by-step solution of Question 67, Chapter 1 Accounting for Partnership Firms – Fundamentals, TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.
Question 67
Simrat and Bir are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2024 after closing the books of account, their Capital Accounts were ₹4,80,000 and ₹6,00,000 respectively. On 1st May, 2023, Simrat introduced additional capital of ₹1,20,000 and Bir withdrew ₹60,000 from his capital. On 1st October, 2023, Simrat withdrew ₹2,40,000 from her capital and Bir introduced ₹3,00,000. Interest on capital is allowed at 6% p.a. Subsequently, it was noticed that interest on capital @ 6% p.a. had not been allowed. Profit for the year ended 31st March, 2024 was ₹2,40,000 and the partners’ drawings were: Simrat—₹1,20,000 and Bir—₹60,000.
Compute the interest on capital if the capitals are (a) fixed, and (b) fluctuating.
Solution
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