[ISC] Q. 9 Solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)

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Solution of Question number 9 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2024-25 Edition ISC Board.

Kabir, Krish and Harsh are partners in a firm. Kabir and Harsh had opening credit balance in their Loan Accounts of ₹ 4,80,000 each. On 1st October, 2023 Harsh gave further loan of ₹ 2,40,000 to the firm. Rate of interest is agreed at 10% p.a. Books are closed on 31st March every year by the firm. Interest was paid by the firm up to February, 2024 by cheque and balance was yet to be paid. Pass the Journal entries for loan and interest on Loan by the partners.

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