Question

A B and C are partners in a firm sharing profit and losses equally on 1st April 2018 their capitals 18 leg 6 lakh and 6 lakh respectively on 1st October 2018 advanced 100000 rupees to the form where as she took a loan of 150000 from the form on the same date it was agreed among the partners that she will pay interest at the rate 10% per annum profit for the year ended 31st March 2019 I wanted to 420000 before allowing only for charging interest on loan pass journal entries for interest on loan and prepare current account for the partners

Answer 1

Explanation:

2,50,000 each. On 1st October, 2019, Ankit and Bhanu gave loans of 2,50,000 each to the firm whereas Charu took a loan of 1,00,000 from the firm on the same date. It was agreed the form on the same date it