Rohit, Mohit and Sandeep were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. On 1st April, 2020, Rohit retired. On the date of retirement ₹ 6,00,000 were due to him. Mohit and Sandeep agreed to pay Rohit in four equal yearly instalments plus interest @ 9% p.a. on the unpaid balance starting from 31st March, 2021. The firm closes its books on 31st March every year.
Prepare Rohit’s Loan Account till it is fully paid.
Prepare Rohit’s Loan Account till it is fully paid.
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Solution and Explanation
Step 1: Key Details –
Amount due to Rohit = ₹ 6,00,000
Instalments = 4 equal yearly instalments = ₹ 1,50,000 per year
Interest = 9% p.a. on reducing balance
Payment starts from: 31st March, 2021
Step 2: Rohit's Loan Account
| Date | Particulars | Amount (₹) | Date | Particulars | Amount (₹) |
|---|---|---|---|---|---|
| 2021 Mar 31 | Interest A/c | 54,000 | 2021 Mar 31 | Bank A/c | 1,50,000 |
| Balance c/d | 5,04,000 | ||||
| 2022 Mar 31 | Interest A/c | 45,360 | 2022 Mar 31 | Bank A/c | 1,50,000 |
| Balance c/d | 3,99,360 | ||||
| 2023 Mar 31 | Interest A/c | 35,942 | 2023 Mar 31 | Bank A/c | 1,50,000 |
| Balance c/d | 2,85,302 | ||||
| 2024 Mar 31 | Interest A/c | 25,677 | 2024 Mar 31 | Bank A/c | 3,10,979 |
Calculation Breakdown:
Year 1 interest = 9% of ₹6,00,000 = ₹54,000
Year 2 interest = 9% of ₹5,04,000 = ₹45,360
Year 3 interest = 9% of ₹3,99,360 = ₹35,942
Year 4 interest = 9% of ₹2,85,302 = ₹25,677
Final payment = Principal + Last year’s interest = ₹2,85,302 + ₹25,677 = ₹3,10,979
Top Questions on Partnership
- Guru, Samta and Prakash were partners in a firm sharing profits and losses in the ratio of 2 : 3 : 5. On 31st March, 2024, their Balance Sheet was as follows: \begin{center} Balance Sheet of Guru, Samta and Prakash as at 31\textsuperscript{st March, 2024} \end{center} \begin{tabular}{|p{4cm}|r|p{7cm}|r|} \hline Liabilities & Amount (₹) & Assets & Amount (₹)
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