[ISC] Q. 4 Solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)

Solution of Question number 4 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2024-25 Edition ISC Board.

Bani, Rani, and Mani are partners sharing profits and losses in the ratio of 3 : 2 : 1. Bani and Mani gave loans to the firm on 1st July, 2023 of ₹ 2,00,000 and ₹ 3,00,000 respectively. It is agreed that the loans will be interest bearing, interest being 9% p.a. Books of account of the firm are closed on 31st March every year.

Interest on loans is yet to be paid as on 31st March 2024. You are required to pass Journal entries in the books of account of the firm and prepare Loan Accout of the two partners.

Solution:-

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