89.X retires from the firm of X Y Z on 1 January 2004. It is ascertained that the final
amount due to him is Rs. 41,050. He is paid Rs. 11,050 in cash immediately. What
will be the amount of instalment if :
(a) he is paid annually in three equal instalments plus 5% interest, and
(b) prepare loan account for X
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Answer:
X's loan A/C
31-12to bank 11,500 1-1 by X's cap 30,000
" to bal 20,000 31-12 by interest 1500
31,500 31,500
31-12 to Bank 11,000 1-1 by bal bd 20,000
" to bal 10,000 31-12 by interest 1000
21,000 21,000
31-12 to Bank 10,500 1-1 by bal bd 10,000
31-12 by interest 500
10,500 10,500
it is assumed that the partner retires in celender year
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