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A, B and C are partners …

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A, B and C are partners in a firm sharing profits and losses equally. On 1st April, 2018 their fixed capitals were 8,00,000, 76,00,000 and 6,00,000 respectively. On 1st October 2018, A advanced 1,00,000 to the firm whereas C 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.

Posted by Deep Prakash 3 years, 5 months ago

CBSE > Class 12 > Accountancy

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