Ram, Manohar and Joshi were partners in a firm. Manohar retired and his claim including his capital and share of goodwill was ₹ 1,80,000
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Rakesh retired from the firm. The amount due to his 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 – First two instalments being of ₹ 26,000, including interest; and Balance amount as last instalment. Interest was payable @ 10% p.a. Prepare Retiring Partner’s Loan Account. [Ans.: Interest payable at the end ofyear 1 – ₹ 6,000; Year 2 – ₹ 4,000; Year 3 – ₹ 1,800; Last instalment – ₹ 19,800.]
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Ashok, Bhaskar and Chaman were in partnership sharing profits and losses equally. ‘Bhaskar’ retires from the firm. After adjustments, his Capital Account shows a credit balance of ₹ 3,00,000 as on 1st April, 2019. Balance due to ‘Bhaskar’ is to be paid in three equal annual instalments along with interest @ 10% p.a. Prepare Bhaskar’s Loan Account until he is paid the amount due to him. The firm closes its books on 31st March every year.
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X, Y and Z are partners sharing profits and losses in the ratio of 3 : 2 : 1. Balance Sheet of the firm as at 31st March, 2022 was as follows:
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A, B and C are partners sharing profits and losses in the ratio of 4 : 3 : 3. Their Balance sheet as at 31st March, 2023 is:
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Chintan, Ayush and Sudha were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. on 31st March, 2019, their Balance Sheet was as follows:
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Ashok, Bhaskar and Chaman are partners in a firm, sharing profits and losses as Ashok 1/3, Bhaskar 1/2, and Chaman 1/6 respectively. The Balance sheet of the firm as at 31st March, 2023 was:
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N, S and G were partners in a firm sharing profits and losses in the ratio of 2 : 3 : 5. on 31st March, 2016 their Balance sheet was as under:
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Alfa, Beta and Gama are in partnership sharing profits in the ratio of 5 : 3 : 2. Their Balance Sheet on 1st April, 2022, the day Beta decided to retire from firm, was as follows:
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