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A, B and C are partners sharing profits and losses equally. A and C have granted loan to the firm on 1" October, 2020 of Rs. 2,00,000 and Rs. 4,50,000 respectively. It is agreed that interest @ 9%p.a will be paid on loan. Books of account of the firm are closed on 31" March every year. Interest on loan is yet to be paid on 31st March 2021. of pass journal entries and prepare ledger accounts of the two partners.?
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A, B and C are partners sharing profits and losses equally. A and C ha...
Journal Entries:

  • On 31st March 2021, the interest on loan payable to A and C is calculated and recorded as follows:


    • Interest on Loan A A/c Dr. 9,000

    • Interest on Loan C A/c Dr. 20,250

    • To A's Loan A/c 2,00,000

    • To C's Loan A/c 4,50,000




Ledger Accounts:

  • A's Loan Account:























  • DateParticularsL.F.Amount (Rs.)Balance (Rs.)
    1st Oct 2020To Cash A/cDr.2,00,0002,00,000
    31st March 2021By Interest on Loan A/cCr.9,0001,91,000


  • C's Loan Account:























  • DateParticularsL.F.Amount (Rs.)Balance (Rs.)
    1st Oct 2020To Cash A/cDr.4,50,0004,50,000
    31st March 2021By Interest on Loan A/cCr.20,2504,29,750



Explanation:

  • As per the agreement, A and C have given a loan of Rs. 2,00,000 and Rs. 4,50,000 respectively to the firm on 1st October 2020, and interest at the rate of 9% p.a. will be paid on the loan.

  • On 31st March 2021, the interest on loan payable to A and C is calculated and recorded in the books of accounts.

  • The journal entry is passed to record the interest on loan and to adjust the loan accounts of A and C.

  • The ledger accounts of A's Loan and C's Loan are prepared to keep a record of the loan amount and the interest payable.

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A, B and C are partners sharing profits and losses equally. A and C have granted loan to the firm on 1" October, 2020 of Rs. 2,00,000 and Rs. 4,50,000 respectively. It is agreed that interest @ 9%p.a will be paid on loan. Books of account of the firm are closed on 31" March every year. Interest on loan is yet to be paid on 31st March 2021. of pass journal entries and prepare ledger accounts of the two partners.?
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A, B and C are partners sharing profits and losses equally. A and C have granted loan to the firm on 1" October, 2020 of Rs. 2,00,000 and Rs. 4,50,000 respectively. It is agreed that interest @ 9%p.a will be paid on loan. Books of account of the firm are closed on 31" March every year. Interest on loan is yet to be paid on 31st March 2021. of pass journal entries and prepare ledger accounts of the two partners.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about A, B and C are partners sharing profits and losses equally. A and C have granted loan to the firm on 1" October, 2020 of Rs. 2,00,000 and Rs. 4,50,000 respectively. It is agreed that interest @ 9%p.a will be paid on loan. Books of account of the firm are closed on 31" March every year. Interest on loan is yet to be paid on 31st March 2021. of pass journal entries and prepare ledger accounts of the two partners.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A, B and C are partners sharing profits and losses equally. A and C have granted loan to the firm on 1" October, 2020 of Rs. 2,00,000 and Rs. 4,50,000 respectively. It is agreed that interest @ 9%p.a will be paid on loan. Books of account of the firm are closed on 31" March every year. Interest on loan is yet to be paid on 31st March 2021. of pass journal entries and prepare ledger accounts of the two partners.?.
Solutions for A, B and C are partners sharing profits and losses equally. A and C have granted loan to the firm on 1" October, 2020 of Rs. 2,00,000 and Rs. 4,50,000 respectively. It is agreed that interest @ 9%p.a will be paid on loan. Books of account of the firm are closed on 31" March every year. Interest on loan is yet to be paid on 31st March 2021. of pass journal entries and prepare ledger accounts of the two partners.? in English & in Hindi are available as part of our courses for Commerce. Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.
Here you can find the meaning of A, B and C are partners sharing profits and losses equally. A and C have granted loan to the firm on 1" October, 2020 of Rs. 2,00,000 and Rs. 4,50,000 respectively. It is agreed that interest @ 9%p.a will be paid on loan. Books of account of the firm are closed on 31" March every year. Interest on loan is yet to be paid on 31st March 2021. of pass journal entries and prepare ledger accounts of the two partners.? defined & explained in the simplest way possible. Besides giving the explanation of A, B and C are partners sharing profits and losses equally. A and C have granted loan to the firm on 1" October, 2020 of Rs. 2,00,000 and Rs. 4,50,000 respectively. It is agreed that interest @ 9%p.a will be paid on loan. Books of account of the firm are closed on 31" March every year. Interest on loan is yet to be paid on 31st March 2021. of pass journal entries and prepare ledger accounts of the two partners.?, a detailed solution for A, B and C are partners sharing profits and losses equally. A and C have granted loan to the firm on 1" October, 2020 of Rs. 2,00,000 and Rs. 4,50,000 respectively. It is agreed that interest @ 9%p.a will be paid on loan. Books of account of the firm are closed on 31" March every year. Interest on loan is yet to be paid on 31st March 2021. of pass journal entries and prepare ledger accounts of the two partners.? has been provided alongside types of A, B and C are partners sharing profits and losses equally. A and C have granted loan to the firm on 1" October, 2020 of Rs. 2,00,000 and Rs. 4,50,000 respectively. It is agreed that interest @ 9%p.a will be paid on loan. Books of account of the firm are closed on 31" March every year. Interest on loan is yet to be paid on 31st March 2021. of pass journal entries and prepare ledger accounts of the two partners.? theory, EduRev gives you an ample number of questions to practice A, B and C are partners sharing profits and losses equally. A and C have granted loan to the firm on 1" October, 2020 of Rs. 2,00,000 and Rs. 4,50,000 respectively. It is agreed that interest @ 9%p.a will be paid on loan. Books of account of the firm are closed on 31" March every year. Interest on loan is yet to be paid on 31st March 2021. of pass journal entries and prepare ledger accounts of the two partners.? tests, examples and also practice Commerce tests.
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