[ISC] Q. 3 Solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)

Solution of Question number 3 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2024-25 Edition ISC Board.

Jay and Joy are partners in a firm sharing profits in the ratio of 3 : 2. They had given a loan to the firm of ₹ 3,00,000 in their profit sharing ratio on 1st October 2022. The Partnership Deed does not have a clause for payment of interest on loan from partners. Compute the interest payable by the firm to the partners and pass Journal entry in the books of the firm if the firm closes its books on 31st March.

Solution:-

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