CBSE 2025, Set 2

Question

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.

Edvaya · Accepted Answer

The correct answer is Subjective. **Gupta's Loan A/c** | Dr. Date | Particulars | Amount (₹) | Cr. Date | Particulars | Amount (₹) | |---|---|---|---|---|---| | **2021** Mar 31 | To Bank A/c (1,20k+48k) | 1,68,000 | **2020** Mar 31 | By Gupta's Capital A/c | 4,80,000 | | Mar 31 | To Balance c/d | 3,60,000 | **2021** Mar 31 | By Interest A/c (10% of 4.8L) | 48,000 | | | **Total** | **5,28,000** | | **Total** | **5,28,000** | | **2022** Mar 31 | To Bank A/c (1,20k+36k) | 1,56,000 | **2021** Apr 1 | By Balance b/d | 3,60,000 | | Mar 31 | To Balance c/d | 2,40,000 | **2022** Mar 31 | By Interest A/c (10% of 3.6L) | 36,000 | | | **Total** | **3,96,000** | | **Total** | **3,96,000** | | **2023** Mar 31 | To Bank A/c (1,20k+24k) | 1,44,000 | **2022** Apr 1 | By Balance b/d | 2,40,000 | | Mar 31 | To Balance c/d | 1,20,000 | **2023** Mar 31 | By Interest A/c (10% of 2.4L) | 24,000 | | | **Total** | **2,64,000** | | **Total** | **2,64,000** | | **2024** Mar 31 | To Bank A/c (1,20k+12k) | 1,32,000 | **2023** Apr 1 | By Balance b/d | 1,20,000 | | | | | **2024** Mar 31 | By Interest A/c (10% of 1.2L) | 12,000 | | | **Total** | **1,32,000** | | **Total** | **1,32,000** |

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Accountancy > Accounting For Partnership Firms > Retirement Of A Partner

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