Puneet and Sahil are partners sharing profits and losses equally. They had opening credit balance in their Loan Accounts of ₹ 9,00,000 each. On 1st September, 2023, Puneet gave further loan of ₹ 3,00,000 to the firm while Sahil withdrew ₹ 3,00,000 on the same day. Rate of interest is agreed at 8% p.a. Books are closed on 31st March every year by the firm.

Pass the Journal entries for loan and interest on Loan by the partners.

Anurag Pathak Changed status to publish April 22, 2024
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