[CBSE] Q. 9 Solution of Fundamentals of Partnership Firms TS Grewal Book (2023-24)

Solution of Question number 9 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2023-24.

Akhil, Sunil, and Parvesh are partners sharing profits in the ratio of 3 : 2 : 1. Sunil had given a loan to the firm on 1st November 2022 of ₹ 4,00,000. Interest payable was agreed @ 12% p.a. Interest was paid by cheque up to February 2023 on 1st March 2023 and the balance was yet to be paid.

Pass the Journal entries for interest on the loan by the partner.

[Ans: Interest on Loan by Sunil up to February 2023 – ₹ 16,000; Interest transferred to Profit and Loss a/c – ₹ 20,000.]

Solution:-

1st Method

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