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.
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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