Question 34 Chapter 2 of Class 12 Part – 1 Usha Publication

Question 34 Chapter 2 of Class 12 Part – 1 Usha Publication

34. (Interest on Loan) Partner Raman has advanced loan Rs.70,000 to the firm on 1st July,2016. Interest is payable to him @12% p.a. Pass Journal Entries for the year ended 31-3-2017 in the books of the firm.

The solution of Question 34 Chapter 2 of Class 12 Part – 1 Usha Publication: -

We are providing a solution of Question 34 Chapter 2 of Class 12 Part - 1 Usha Publication in two formats. one is in Video format and another is in article format. Check out both formats as follows:

1. Check out the Solution of this question in Video Format:-

The video consists solution of questions number from 34 to 36 in Chapter No. 2 class 12 of Usha publication. To check the direct solution of question no. 34 from the following video by using time stamps of the video.

?si=vappRPLKgDRLVUBR

2. Check out the Solution of this question in Article Format: -

Amount of interest on a loan :

Amount of interest on loan = Rs.70,000 x 12/100 x 9/12 = Rs. 6300

Journal

Date	Particulars		L.F	Debit	Credit
	Interest on Raman’s Loan a/c	Dr.		6,300
	To Raman’s Loan A/c				6,300
	(Being interest payable to Raman)
	Profit and loss A/c	Dr.		6,300
	To interest on Raman’s loan A/c				6,300
	(Being interest on loan transferred to P & L A/c)