Advertisement

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

Advertisement

Question 41 Chapter 6 of +2-A

Advertisement

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
DateParticular
AmountDateParticularAmount
2017  2016  
Mar 31To Bank A/c1,30,000Apr 01By Y’s Capital A/c3,00,000
 (1,00,000 + 30,000) 2017  
Mar 31To Balance C/d2,00,000Mar 31By Interest on Loan A/c30,000
  3,30,000   3,30,000 
      
2018  2016  
Mar 31To Bank A/c1,30,000Apr 01By Balance B/d2,00,000
 (1,00,000 + 30,000) 2017  
Mar 31To Balance C/d1,00,000Mar 31By Interest on Loan A/c20,000
  2,20,000   2,20,000 
      
2017  2016  
Mar 31To Bank A/c1,10,000Apr 01By Balance B/d1,00,000
 (1,00,000 + 30,000) 2017  
   Mar 31By Interest on Loan A/c10,000
  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

 

Advertisement-X

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

Advertisement

Advertisement

Advertisement

error: Content is protected !!