[CBSE] Q. 18 DK Goel Fundamentals of Partnership [2024-25]

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Solution of Question Number 18 of the Fundamentals of partnership firm DK Goel CBSE Board (2024-25)

Hemant and Sameer are partners in a firm. On 1st December 2023, Hemant gave a loan to the firm of ₹ 5,00,000. On the same date, the firm gave a loan of ₹ 2,00,000 to Sameer. They do not have an agreement as to interest.

Firm earned a profit of ₹ 3,70,000 (before any interest) for the year ended 31st March, 2024. Pass Journal entries for interest on loans and distribution of profit for the year ended 31st March, 2024.

[Ans. Share of Profit ₹ 1,80,000 each.]

(i) Interest on Loan by Heman will be provided @ 6% p.a.

(ii) Interest on Loan by Sameer will not be charged.

Solution:-

Here is the complete index of solutions

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60Question – 60(A), 60(B), 60 (C)
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110Question – 110
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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 and can download the Android & ios app for free lectures.

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