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in Reconstitution of a Partnership Firm – Retirement/Death of a Partner by (25.6k points)
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P, Q and R are partners in a firm. Q retires. On his date of retirement, Rs.60,000 becomes due to him. P and R promise to pay him in instalments every year at the end of the year. Prepare Q’s Loan A/c. in the following cases:

a) When the payment is made four yearly instalments plus interest @12% p.a. on the unpaid balance. 

b) When they agree to pay three-yearly instalments of Rs. 20,000 including interest @ 12% p.a. on the outstanding balance during the first three years and the balance including interest in the fourth year.

1 Answer

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Best answer

a) Q’s Loan A/C

Note: Amount of instalment in each year = 60,000/4 = 15,000 

Amount paid each year= Rs.15000 + interest

b) Q's Loan A/C

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