Question 42 Chapter 6 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 42 Chapter 6 of +2-A

Question 42 Chapter 6 of +2-A

42. Rakesh retired from the firm. The amount due to him was determined at
90,000. It was decided to pay the due amount as follows:
On the date of retirement − 30,000
Balance in three yearly instalments − The first two instalments being of 26,000, including interest; and Balance amount as the last instalment.
Interest was payable @ 10 p.a. Prepare retiring Partners’ Loan Account.

The solution of Question 42 Chapter 6 of +2-A: –

  Y’s Loan Account
Date Particular
Amount Date Particular Amount
           
Year I To Bank A/c 26,000 Year I By Y’s Capital A/c 60,000
  (20,000 + 6,000)        
  To Balance C/d 40,000   By Interest on Loan A/c 6,000
    66,000   60,000 × 10/100 66,000
           
           
Year II To Bank A/c 26,000 Year II By Balance B/d 40,000
  (22,000 + 4,000)     By Interest on Loan A/c 4,000
  To Balance C/d 18,000   40,000 × 10/100  
    44,000     44,000
           
           
Year III To Bank A/c 19,800 Year III By Balance B/d 18,000
  (18,000 + 1,800)
    By Interest on Loan A/c 1,800
        18,000 × 10/100  
    19,800     19,800

 

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 42 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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