Question 41 Chapter 6 of +2-A
41. X, Y, and Z were in partnership sharing profits and losses equally. 'Y' retires from the firm. After adjustments, his Capital Account shows a credit balance of 3,00,000 as of 1st April 2016. Balance due to 'Y' is to be paid in three equal annual installments along with interest @ 10% p.a. Prepare Y's Loan Account until he is paid the amount due to him. The firm closes its books on 31st March every year.
| Y’s Loan Account |
|||||
| Date | Particular |
Amount | Date | Particular | Amount |
|---|---|---|---|---|---|
| 2017 | 2016 | ||||
| Mar 31 | To Bank A/c | 1,30,000 | Apr 01 | By Y’s Capital A/c | 3,00,000 |
| (1,00,000 + 30,000) | 2017 | ||||
| Mar 31 | To Balance C/d | 2,00,000 | Mar 31 | By Interest on Loan A/c | 30,000 |
| 3,30,000 | 3,30,000 | ||||
| 2018 | 2016 | ||||
| Mar 31 | To Bank A/c | 1,30,000 | Apr 01 | By Balance B/d | 2,00,000 |
| (1,00,000 + 30,000) | 2017 | ||||
| Mar 31 | To Balance C/d | 1,00,000 | Mar 31 | By Interest on Loan A/c | 20,000 |
| 2,20,000 | 2,20,000 | ||||
| 2017 | 2016 | ||||
| Mar 31 | To Bank A/c | 1,10,000 | Apr 01 | By Balance B/d | 1,00,000 |
| (1,00,000 + 30,000) | 2017 | ||||
| Mar 31 | By Interest on Loan A/c | 10,000 | |||
| 1,10,000 | 1,10,000 | ||||
T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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