X, Y and Z were in partnership sharing profits and losses equally. ‘Y’ retires from the firm. After adjustments, his Capital Account shows a  credit balance of Rs. 3,00,000 as on 1st April, 2016. Balance due to ‘Y’ is to be paid in three equal annual instalments along with interest @ 10% p.a. Prepare Y’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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