[ISC] Q. 5 Solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)

Solution of Question number 5 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2024-25 Edition ISC Board.

Chandan and Gurman are partners sharing profits and losses in the ratio of 2 : 3. They had opening credit balance in their Loan Accounts of ₹ 5,00,000 and ₹ 4,00,000 respectively. Interest on Loan is agreed to be 10% p.a. Books are closed on 31st March every year by the firm.

Pass the Journal entries for loan and interest on Loan by the partners.

Solution:-

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