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प्रश्न
| Aru and Esha are partners sharing profits equally. Esha had given loan of ₹ 4,00,000 to the firm on 1st October 2023 and it was agreed that interest will be paid @ 9% p.a. Interest on Esha's Loan upto February 2024 was paid by cheque on 2nd March 2024 and balance was yet to be paid. |
Pass Journal entries for interest on loan for the year ended 31st March, 2024.
रोजनामा प्रविष्टि
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उत्तर
| Journal entries for the year ended on 31st March, 2024 |
||||
| Date | Particulars | L.F. | Debit (₹) | Credit (₹) |
| 2024 | ||||
| Mar 2 | Interest on Esha's Loan A/c ...Dr. | 15,000 | ||
| To Bank A/c | 15,000 | |||
| (Being interest for 5 months paid by cheque) | ||||
| Mar 31 | Interest on Esha's Loan A/c ...Dr. | 3,000 | ||
| To Esha's Loan A/c | 3,000 | |||
| (Being outstanding interest for March provided) | ||||
| Mar 31 | Profit and Loss A/c ...Dr. | 18,000 | ||
| To Interest on Esha's Loan A/c | 18,000 | |||
| (Being total interest on loan transferred to Profit and Loss Account) | ||||
Working note:
Total Interest for the Year (1st Oct 2023 to 31st Mar 2024 = 6 months):
`4,00,000 xx 9/100 xx 6/12 = 18,000`
Interest Paid Upto February 2024 (1st Oct 2023 to 29th Feb 2024 = 5 months):
`4,00,000 xx 9/100 xx 5/12 = 15,000`
Outstanding Interest for March 2024 (1 month):
18,000 − 15,000 = 3,000
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