Class 12th Account chapter 1 question 12 solution (ts grewal)

Question:

Ankit, Bhanu, and Charu are partners in a firm sharing profits and losses equally, with capital of ₹2,50,000 each.

On 1st October, 2023, Ankit and Bhanu gave loans of ₹2,50,000 each to the firm.

Charu took a loan of ₹1,00,000 from the firm on 1st November, 2023.

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, 2024.

The firm closes its books on 31st March each year.

Pass the journal entries in the books of the firm for the year ended 31st March, 2024.