Question 41 Chapter 6 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 41 Chapter 6 of +2-A

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.

The solution of Question 41 Chapter 6 of +2-A: –

  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)

  • Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
  • Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
  • Chapter No. 3 – Goodwill: Nature and Valuation
  • Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
  • Chapter No. 5 – Admission of a Partner
  • Chapter No. 6 – Retirement/Death of a Partner
  • Chapter No. 7 – Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

  • Chapter No. 1 – Financial Statements of a Company
  • Chapter No. 2 – Financial Statement Analysis 
  • Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
  • Chapter No. 4 – Accounting Ratios
  • Chapter No. 5 – Cash Flow Statement

 

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2 Book 1 min - Question 41 Chapter 6 of +2-A - T.S. Grewal 12 Class Part - A Vol. 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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