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Raman and Laxman are the partners of a partnership firm Raman gives alone of 5 lakh to the such partnership firm at the rate of 5% interest per annum then what entries will be made in the partnership firm?
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Raman and Laxman are the partners of a partnership firm Raman gives al...





Entries in the Partnership Firm for Loan from Raman




1. Recording the Loan:

- Debit: Cash/Bank Account (5,00,000)
- Credit: Raman's Loan Account (5,00,000)

2. Recognition of Interest Expense:

- Debit: Interest Expense Account (25,000) [5,00,000 * 5%]
- Credit: Raman's Loan Account (25,000)

3. Allocation of Interest to Partners' Capital Accounts:

- Debit: Raman's Capital Account (25,000)
- Credit: Laxman's Capital Account (12,500) [50% share]
- Credit: Raman's Capital Account (12,500)




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Raman and Laxman are the partners of a partnership firm Raman gives alone of 5 lakh to the such partnership firm at the rate of 5% interest per annum then what entries will be made in the partnership firm?
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Raman and Laxman are the partners of a partnership firm Raman gives alone of 5 lakh to the such partnership firm at the rate of 5% interest per annum then what entries will be made in the partnership firm? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Raman and Laxman are the partners of a partnership firm Raman gives alone of 5 lakh to the such partnership firm at the rate of 5% interest per annum then what entries will be made in the partnership firm? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Raman and Laxman are the partners of a partnership firm Raman gives alone of 5 lakh to the such partnership firm at the rate of 5% interest per annum then what entries will be made in the partnership firm?.
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