Question

Rakesh retired from the firm. The amount due to him was determined at ₹90000. It was decided to pay the due amount as follows: a- On the date of retirement- ₹30000 b- Balance in three yearly instalment- Frist two instalments being of ₹ 26000 including interest and balance amount as last instalment. c- Interest was payable @10%p.a. Prepare retiring partners loan Account

Answer 1

Rakesh retired from the firm. The amount due to him was determined at ₹90000. It was decided to pay the due amount as follows: a- On the date of retirement- ₹30000 b- Balance in three yearly instalment- Frist two instalments being of ₹ 26000 including interest and balance amount as last instalment. c- Interest was payable @10%p.a. Prepare retiring partners loan Account

Explanation:

The retiring partners loan Account is attached below.

Answer 2

Answer:

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