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Asked by Aksabanu Last Modified
Answer Interest on Loan is charge against profit and hence is debited to P&L account and credited to Partner's loan a/c. Being a charge against profits, it should be transferred to debit of P&L a/c and not to the debit of P&L appropriation a/c. In the absence of deed the profit will be shared equally and interest on loan will be given at 6%p.a
Amount to be Debited
A B C
360000 360000 180000
Amount to be Credited
A B C
292000 292000 292000
Adjusting entry
68000Dr 68000Dr 112000Cr
A's Capital 68000
B's Capital 68000
To C's Capital 112000
To B's Loan 24000.
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