Class 12 Accountancy | Ch-1 FOP Part-4 |Interest on Loan by Partner I-3|TS Grewal 2026|Whole concept скачать в хорошем качестве

Class 12 Accountancy | Ch-1 FOP Part-4 |Interest on Loan by Partner I-3|TS Grewal 2026|Whole concept

In this lecture of Class 12 Accountancy (CBSE Board), we continue Chapter 1 – Fundamentals of Partnership (FOP) according to TS Grewal 2026 Edition. This video explains the first charge against profits – Interest on Loan by Partner. Students will understand the meaning, nature, rate of interest, journal entries, and practical illustration related to this concept. 📚 Topics Covered • Meaning of Interest on Loan by Partner • Nature of Interest on Loan • Rate of Interest (6% p.a.) in absence of Partnership Deed • Journal Entries of Interest on Loan by Partner • Illustration 3 explained step-by-step • Alternate method using Profit & Loss Account Important Concept for Exams Interest on loan given by a partner to the firm is a charge against profits. The correct journal entry is: Interest on Loan by Partner A/c Dr. To Partner’s Loan A/c / Outstanding Interest A/c This interest must never be credited to Partner’s Capital Account, because the partner’s loan account carries interest at 6% per annum. According to Indian Partnership Act 1932, during dissolution of a partnership firm, repayment of partner’s loan comes second in order (Section 48). If the interest is wrongly credited to capital account, the order of payment may change. Hence, this concept is extremely important for board exams, MCQs, and numerical questions. #class12accountancy #tsgrewal2026 #fundamentalsofpartnership #indianpartnershipact1932 #partnershipaccounts #class12accounts #cbseaccountancy #tsgrewalsolutions #accountancyclass12 #commerceclasses