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Question
A firm had given a loan to one of its partners. Give the journal entry to close this Loan Account at the time of dissolution of the partnership firm.
Journal Entry
Solution
| Journal Entry | ||||
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
| Partners' Capital A/c ...Dr. | ||||
| To Loan to Partners A/c | ||||
| (Closing entry for loan given by a firm to one of its partners) |
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Dissolution of a Partnership Firm - Partner’s Loan Account
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