Reema, Leena, and Meena are partners in a firm sharing profits and losses equally with a capital of ₹ 5,00,000 each. On 1st October 2022, Reema and Leena gave loans of ₹ 2,00,000 and ₹ 2,50,000 respectively to the firm whereas Meena took a loan of ₹ 50,000 from the firm on the same date.

Interest for the year ended 31st March 2023 was paid by cheque on the same day. Pass the Journal entries in the books of the firm.

Anurag Pathak Changed status to publish April 19, 2024
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