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)        
           
           
           

 

 

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Also, Check out the solved question of previous Chapters:

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

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

 

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Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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