Class 12th Account chapter 1 question 13 solution (ts grewal)
Question 13 – Journal Entry for Loan Given to a Partner
Question:
Atul, Jetha, and Tarak are partners sharing profits equally.
Jetha was given a loan by the firm on 1st July, 2023, of ₹6,00,000.
Books are closed on 31st March.
Pass the Journal entries if:
(a) Rate of interest is not agreed, and
(b) Rate of interest to be charged is agreed @ 10% p.a.