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

Question 34 Chapter 2 of +2- Part-
Q-34 - CH-2 - Usha +2 Book 2018 - Solution

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Question 34 Chapter 2 of +2-Part-1

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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 x 12/100 x 9/12 = Rs. 6300

Journal
DateParticulars
L.FDebit Credit
 Interest on Raman’s Loan a/cDr. 6,300 
 To Raman’s Loan A/c   6,300
 (Being interest payable to Raman)    
      
 Profit and loss A/cDr. 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

 

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

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

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