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A, B and C are partners in a firm. A retires on 1st April, 2012. On the date of retirement, Rs 80,000 is due to him in all. It is agreed to pay him this amount in instalments every year at the end of the year. Prepare A's Loan A/c in the following cases : (i) Four yearly instalments plus interest 10% p.a. (ii) Three instalments of Rs 25,000 which already include interest 10% p.a. on the outstanding balance and the balance including interest in the fourth year. Books are closed on 31st March every year. |
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Answer» A, B and C are partners in a firm. A retires on 1st April, 2012. On the date of retirement, Rs 80,000 is due to him in all. It is agreed to pay him this amount in instalments every year at the end of the year. Prepare A's Loan A/c in the following cases : (i) Four yearly instalments plus interest 10% p.a. (ii) Three instalments of Rs 25,000 which already include interest 10% p.a. on the outstanding balance and the balance including interest in the fourth year. Books are closed on 31st March every year. |
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