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

11 :- Ankit, Bhanu, and Charu are partners in a firm sharing profits and losses equally with a capital of Rs 2,50,000 each. On 1st October, 2024, Ankit and Bhanu gave loans of Rs 2,50,000 each to the firm whereas Charu took a loan of Rs 1,00,000 from the firm on 1^st November, 2024. It was agreed among the partners that Charu will be charged interest @ 6% p.a.. Interest on loans from partners was paid on 10th April, 2025. 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, 2025.

Solution :-

WORKING NOTES :
Calculation of interest :
Interest payable to Ankit = 2,50,000 x 6/12 x 6/100 = Rs 7,500
Interest payable to Bhanu = 2,50,000 x 6/12 x 6/100 = Rs 7,500
Interest on loan to Charu = 1,00,000 x 5/12 x 6/100 = Rs 2,500.

Back to previous page