Question

of the year ended 31st March, 2020. Show the
eaci: 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 among the partners that charu will be
charged interest @ 6% p.a. Interest on loan from partners was paid on 10th April, 2020. The firm clases its
books on 31st March each year.
Pass the Journal entries in the books of the firm for the year ended 31st March, 2020.
Ankit Bhanu and Charu are partners in a firm sharing profits and losses equally with capital of 2,50,000​

Answer 1

Explanation:
Calculation  of interest on Drawing of each patner
Interest thereon has been calculated for the average
Bhanu = 250000 × 6 % ×  6 /12 = 7500
Charu = 1,00,000 × 6% × 6 /12 = 3000
Calculation on interest on Capital of each patner
Bhanu = 250,000 × 6 % =15000
Charu = 250,000 × 6 % =15000

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