Atul, Jetha, and Tarak are partners sharing profits equally. Jetha was given a loan by the firm on 1st July 2024 of ₹ 6,00,000. Books are closed on 31st March, What Journal entries will be passed if
(a) Rate of Interest is not agreed; and
(b) Rate of interest to be charged is agreed @ 10% p.a.?
Solution
Worked as a lecturer , educator
I am a M. Com Gold Medalist from Osmania University in 1999. And a UGC NET Qualified in June 1999.
My passion and interest are in the areas of Accountancy & Financial Management. Over the last ~20 years, I have been teaching students (predominantly in Class XI, XII – All Boards and B. Com Students across Universities.