Jay and Joy are partners in a firm sharing profits in the ratio of 3 : 2.

Anurag Pathak
April 14, 2023
[ISC} TS Grewal Solutions, Accountancy Class 12th

1.52K viewsApril 14, 2023[ISC} TS Grewal Solutions Accountancy Class 12th

Anurag Pathak 24.00K April 14, 2023 0 Comments

Jay and Joy are partners in a firm sharing profits in the ratio of 3 : 2.

They had given a loan to the firm of ₹ 3,00,000 in their profit sharing ratio on 1st October 2022.

The Partnership Deed does not have a clause for payment of interest on loan from partners.

Compute the interest payable by the firm to the partners and pass Journal entry in the books of the firm if the firm closes its books on 31st March.

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