Q. 18. A, B and C are partners in a firm sharing profits and losses equally. On Ist
April, 2018 their fixed capitals were 38,00,000, 36,00,000 and 36,00,000
a
loan of 1,50,000 from the firm on the same date. It was agreed among the partners
that will pay interest @ 10% p.a.
Profit for the year ended 31st March, 2019 amounted to 34,20,000 before allowing
or charging interest on loans. Pass journal entries for interest on loans and prepare
Current Accounts of the partners.
respectively. On 1st October 2018, A advanced 1,00,000 to the firm whereas C took
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ok done which class are you studying now
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