Parul, Paresh, and Rahul are partners in a firm. The firm gave a loan to Rahul on 1st February 2024 of ₹ 6,00,000. Interest was agreed to be charged @ 6% p.a. Interest was paid by cheque up to February 2024 by Rahul on 5th March 2024 and the balance was paid by him on 5th April, 2024.
Pass the Journal entries for interest on loan to partners.
Solution
