Accountancy > Accounting For Partnership Firms > Retirement Of A Partner
Gupta, Jain and Singh were partners in a firm sharing profits and losses in the ratio of 3:2:1. On 31st March, 2020, Gupta retired. On the date of retirement ₹4,80,000 became due to him. Jain and Singh agreed to pay Gupta in four equal yearly instalments plus interest @ 10% p.a. on the unpaid balance starting from 31st March, 2021. The firm closes its books on 31st March every year.
Prepare Gupta's Loan Account till it is fully paid.
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