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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
A Loan from X, a partner, of ₹22,000 exists on the liabilities side of the firm’s Balance Sheet, and X’s Capital Account has a debit balance of ₹2,000. What Journal entry will you pass on payment of such a loan?
JOURNAL
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
|---|---|---|---|---|
| Loan from X A/c Dr. | 22,000 | |||
| To X’s Capital A/c | 2,000 | |||
| To Bank A/c | 20,000 | |||
| (X’s debit balance of ₹2,000 set off against his loan account, and the balance paid through bank) |
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "T.S. Grewal Class 12 Chapter 7 Q.4 - Dissolution of a Partnership Firm", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter 7 - Dissolution of a Partnership Firm.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
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