Question

Q. 17. A, B and C are partners in a firm sharing profits and losses equally. On Ist
April, 2018 their fixed capitals were 18,00,000, 36,00,000 and 16,00,000
respectively. On 1st October 2018, A advanced 1,00,000 to the firm whereas took
a loan of 1,50,000 from the firm on the same date. It was agreed among the partners
that C will pay interest @ 10% p.a.
Profit for the year ended 31st March, 2019 amounted to 4,20,000 before allowing
or charging interest on loans. Pass journal entries for interest on loans and prepare
Current Accounts of the partners.​

Answer 1

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Answer 2

Explanation:

Q. 18. A. B and Care partners in a firm sharing profits and losses equally. On 1st April, 2018 their fixed capitals were 78,00,000, \ 6,00,0 and ?6, respectively. On 1st October 2018, 4 advanced 1,00,000 to the firm whereas C took a loan of 81, 50, 0 ^ i from the firm on the same date. It was agreed among the partners that C will pay interest @ 10% p.a.