[ISC] Q. 7 Solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)

Solution of Question number 7 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2024-25 Edition ISC Board.

Puneet and Sahil are partners sharing profits and losses equally. They had opening credit balance in their Loan Accounts of ₹ 9,00,000 each. On 1st September, 2023, Puneet gave further loan of ₹ 3,00,000 to the firm while Sahil withdrew ₹ 3,00,000 on the same day. Rate of interest is agreed at 8% 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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