On 1st April, 2021, Manoj retired from partnership and his share was determined on the date of retirement from the following:
On 1st April, 2021, Manoj retired from partnership and his share was determined on the date of retirement from the following:
|
Goodwill Interest on Capital Salary Drawings Interest on Drawings Share of Profit Capital |
30,000 750 2,250 30,000 3,000 37,500 1,12,500 |
The amount due to Manoj was to be kept with the firm as a loan bearing interest @ 10% p.a. and was to be paid to Manoj by annual installments of ₹ 75,000 each, interest being calculated @ 10% p.a. on the unpaid balances. The firm instalment was paid on 31st March, 2022.
You are required to prepare Manoj’s Capital Account and also Manoj’s Loan Account until the payment of the whole amount due to him is made. 
Anurag Pathak Changed status to publish March 3, 2024
