[CBSE] Q. 13 Solution of Fundamentals of Partnership Firms TS Grewal Book (2023-24)

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Solution of Question number 13 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2023-24 Edition

Atul, Jetha, and Tarak are partners sharing profits equally. Jetha was given a loan by the firm on 1st July 2022 of ₹ 6,00,000. Books are closed on 31st March, What Journal entries will be passed if

(a) Rate of Interest is not agreed; and

(b) Rate of interest to be charged is agreed @ 10% p.a.?

[Ans: (a) Interest will not be charged. Hence, no Journal entry will be passed; (b) Interest on Loan to Jetha (up to 31st March 2023) – ₹ 45,000.]

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Anurag Pathak
Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his Youtube channel for free lectures

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