[ISC] Q. 14 Solution of Fundamentals of Partnership Firms TS Grewal Book ISC (2026-27)

Solution of Question number 14 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2026-27 Edition ISC Board.

Pass the Journal entries in the books of G & Co, for the following:

(i) Firm took property of Amrit, a partner at a monthly rent of ₹ 20,000 w.e.f 1st June, 2023. Rent was yet to be paid for the year ended 31st March, 2024.

(ii) Firm took property of Karan, a partner at a monthly rent of ₹ 25,000 w.e.f. 1st June, 2023 payable by 7th of the next month. Rent was paid for the year ended 31st March, 2024 as agreed.

(iii) Firm took property of Pawan, a partner at a monthly rent of ₹ 50,000 w.e.f. 1st October, 2023. Rent was paid up to 31st January, 2024 by cheque and balance was yet to be paid.

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