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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

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Question 42 Chapter 6 of +2-A

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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
DateParticular
AmountDateParticularAmount
      
Year ITo Bank A/c26,000Year IBy Y’s Capital A/c60,000
 (20,000 + 6,000)    
 To Balance C/d40,000 By Interest on Loan A/c6,000
  66,000 60,000 × 10/10066,000
      
      
Year IITo Bank A/c26,000Year IIBy Balance B/d40,000
 (22,000 + 4,000)  By Interest on Loan A/c4,000
 To Balance C/d18,000 40,000 × 10/100 
  44,000  44,000
      
      
Year IIITo Bank A/c19,800Year IIIBy Balance B/d18,000
 (18,000 + 1,800)
  By Interest on Loan A/c1,800
    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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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

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