Question

14.
A and B entered into partnership on 1st April, 2017 without any partnership deed.
They introduced capitals of $5,00,000 and 13,00,000 respectively. On 31st October
2017, A advanced 32,00,000 by way of loan to the firm without any agreement as to
interest.
The Profit and Loss Account for the year ended 31.3.2018 showed a profit of
*4,30,000, but the partners could not agree upon the amount of interest on loan to be
charged and the basis of division of profits. Pass necessary journal entries and prepare
the Capital A/cs of both the partners and Loan A/c of A.
nd B​

Answer 1

Answer:

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