[ISC] Q. 6 Solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)

Solution of Question number 6 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2024-25 Edition ISC Board.

Raman and Pawan are partners sharing profits and losses in the ratio of 2 : 3. They had opening credit balance in their Loan Accounts of ₹ 5,00,000 and ₹ 4,00,000 respectively. On 1st August, 2023, Pawan gave further loan of ₹ 1,00,000 to the firm. Books are closed on 31st March every year by the firm. Pass the Journal entries for loan and interest on Loan by the partners.

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