Question

whereas they are not entitled to interest on capital.
Illustration 3
Amit Bimal and Chaman are partners sharing profits and losses equally. Amit and Chaman
gave loans to the firm on 1st October, 2019 of 1,00,000 and + 1,50,000 respectively. It is
agreed that interest @ 9% p.a. will be paid on loan. Books of account of the firm are closed on
31st March every year. Interest on loan is yet to be paid as on 31st March, 2020.
Pass Journal entries in the books of account of the firm and prepare Loan Accounts of the two partners.
Solution:
In the Books of Amit, Bimal and Chaman
JOURNAL
L.F.
Particulars
Dr.)
Cr. (R)​

Answer 1

Answer:

oaksj. k k. I. ii. I. I I. p. p p p p p p