QUESTION: 12
Ankit, Bhanu, and Charu are partners in the firm sharing profits and losses equally with a capital of ₹ 2,50,000 each. On 1st October 2021, Ankit and Bhanu gave loans of ₹ 2,50,000 each to the firm whereas Charu took a loan of ₹ 1,00,000 from the firm on the same date. It was agreed among the partners that Charu will be charged Interest @ 6% p.a. Interest on loan from partners was paid on 10th April 2022. The firm closes its books on 31st March each year.
Pass the Journal entries in the books of the firm for the year ended 31st March 2022.
Answer:
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