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in Reconstitution of a Partnership Firm – Retirement/Death of a Partner by (25.6k points)
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X, Y, and Z are partners in a firm. Y retires from the firm on 1st January, 2002. On his date of retirement, Rs. 60,000 is due to him. X and Z promise to pay in three equal annual instalments together with interest at 12% per annum. Prepare Y’s loan account for the three years.

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Dr. Y’s Loan Account Cr.

Amount of instalment each year = 60,000/3 = 20,000 

Amount paid each year = Rs. 20,000 + Interest.

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