[ISC] Q. 6 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

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Solution of Question number 6 of the Fundamentals of partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board?

Bani, Rani, and Mani are partners sharing profits and losses in the ratio of 3 : 2 : 1. Bani and Mani granted loans to the firm on 1st October 2022 of ₹ 2,00,000 and ₹ 3,00,000 respectively. It is agreed that the loans will be interest bearing, interest being 6% 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 2023. You are required to pass Journal entries in the books of account of the firm and prepare Loan Accout of the two partners.

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