Yogesh, Naresh and Mahesh are partners sharing profits and losses equally. Yogesh and Mahesh had opening credit balance in their Loan Accounts of ₹ 3,00,000 each. On 1st September, 2023, Mahesh gave further loan of ₹ 2,00,000 to the firm. On 1st Februay, 2024, Mahesh withdrew his loan of ₹ 2,00,000. Rate of interest is agreed at 5% 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
Add a Comment