[CBSE] Q. 14 Solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)

Solution of Question number 14 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2024-25 Edition

Parul, Paresh, and Rahul are partners in a firm. The firm gave a loan to Rahul on 1st February 2024 of ₹ 6,00,000. Interest was agreed to be charged @ 6% p.a. Interest was paid by cheque up to February 2024 by Rahul on 5th March 2024 and the balance was paid by him on 5th April, 2024.

Pass the Journal entries for interest on loan to partners.

Pass the Journal entries for interest on a loan to the partner.

[Ans: Interest on Loan to Rahul (for February, 2024 – ₹ 3,000; Interest transferred to Profit and Loss A/c (up to 31st March 2024) – ₹ 6,000.]

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