Question

5.Amrinder, Mahinder and Joginder are partners in a firm. Mahinder
retires from
the firm. On his date of retirement, Rs. 60,000 becomes due to him.
Amrinder
and Joginder promise to pay him in instalments every year at the end of
the
year. Prepare Mahinder's Loan Account in the following cases:
1. When payment is made four yearly instalments plus interest @ 12% p.a.
on the unpaid balance.
2. When they agree to pay three yearly instalments of Rs. 20,000 including
interest @ 12% p.a on the outstanding balance during the first three years
and the balance including interest in the fourth year.
3. When payment is made in 4 equal yearly instalment's including interest
12% p.a. on the unpaid balance.8​

Answer 1

Answer:

Mahindra's loan account