Question 34 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 34 Chapter 2 of +2- Part-

Question 34 Chapter 2 of +2-Part-1

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 +2 Part-1: – 

Amount of interest on a loan :

Amount of interest on loan = Rs.70,000*12/100*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 commission payable to B)        
           
           
           

 

 

Thanks, Please Like and share with your friends  

Comment if you have any questions.

Also, Check out the solved question of previous Chapters:

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

  • Chapter No. 1 – Accounting Not for Profit Organisations
  • Chapter No. 2 – Partnership Accounts – I
  • Chapter No. 3 – Partnership Accounts – II (Introduction)
  • Chapter No. 4 – Partnership Accounts – III (Goodwill: Nature and Valuation)
  • Chapter No. 5 – Partnership Accounts – IV (Reconstitution of Partnership)
  • Chapter No. 6 – Partnership Accounts – V (Admission of A Partner)
  • Chapter No. 7 – Partnership Accounts – VI (Retirement and Death of A Partner)
  • Chapter No. 8 – Company Accounts (Share Capital)
  • Chapter No. 9 – Company Accounts (Issue of Debentures)
  • Chapter No. 10 – Company Accounts (Redemption of Debentures)

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

      • Chapter No. 1 – Financial Statements of a Company (Balance Sheet Only)
      • Chapter No. 2 – Techniques of Financial Statement Analysis
      • Chapter No. 3 – Ratio Analysis 
      • Chapter No. 4 – Cash Flow Statement

 

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 34 Chapter 2 of +2 Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.