Ankit Bhanu and Charu are partners in a firm sharing profits and losses equally with capital of 2,50,000
each. On 1st October, 2019, Ankit and Bhanu gave loans of 2,50,000 each to the firm whereas Charu took
a loan of 1,00,000 from the firm on the same date. 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, 2020. 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, 2020

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Ankit, Bhanu and Charu are partners in a firm sharing profits and losses equally with capital of ` 2,50,000 each. On 1st October, 2019, Ankit and Bhanu gave loans of ` 2,50,000 each to the firm whereas Charu took a loan of ` 1,00,000 from the firm on the same date. 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, 2020. 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, 2020
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Pass journal entries

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Ankit, bhanu and charu are partners
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1. Interest on Ankit’s Loan a/c - 7,500

                 To Ankit’s Loan a/c - 7,500

 

2. Interest on Bhanu’s Loan a/c - 7,500
                To Bhanu’s Loan a/c - 7,500

 

3. P&L Appropriation a/c         - 7,500

     To Interest on Ankit’s Loan - 7,500

 

4. P&L Appropriation a/c         - 7,500

  To Interest on Bhanu’s Loan - 7,500

 

5. Bank a/c                                 - 3,000

      To Interest on Charu’s Loan - 3.000

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This is the answer

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Hey Ankit Bhanu Ankit Bhanu and 4 word partner in a firm sharing profit and losses equally with capital of 250000 INR on 1st October 2019 Ankit give loan of 250000 each of the form where is chalu to per loan of 1 lakh from the form on the same day it was agreed amount the partner at 4 will charge interest 6% per annum interest on loan from partner was paid on the separate 2020 the farm closes its book on 31st March each year pass journal entry in the book of Farm for the year ended 31 March 2020
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