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.
Show Hint
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
- Arora and Gurmeet were partners in a firm sharing profits and losses in the ratio of 3 : 2. Starting from 1st October, 2024 Arora withdrew ₹ 30,000 at the beginning of each quarter for his personal use. Interest on drawings was to be charged @ 12% per annum. Interest on Arora's drawings for the year ended 31st March, 2025 was:
- Guru and Prakash were partners in a firm sharing profits and losses in the ratio of 7 : 3. They admitted Anu as a new partner for 1/4th share in the profits of the firm. On the date of Anu's admission, the Profit and Loss Account of Guru and Prakash showed a credit balance of ₹ 40,000. The necessary journal entry for its treatment will be:
- Sushil and Sapna were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2025, the firm was dissolved. On the date of dissolution there existed a balance of ₹ 1,20,000 in sundry creditors account. The sundry creditors were payable after three months. They were paid immediately at a discount of 12% p.a. The amount paid to sundry creditors was :
- Sujata and Laxmi were partners in a firm sharing profits and losses in the ratio of 2 : 1. On 1st April, 2025, they admitted Raghu as a new partner for 1/5th share in the profits of the firm. On the date of Raghu’s admission, it was found that the equipment is undervalued by ₹ 90,000. After revaluation, the Balance Sheet of Sujata, Laxmi and Raghu showed equipment at ₹ 3,00,000. The value of equipment shown in the books of the firm of Sujata and Laxmi before Raghu’s admission was :
- Aashree and Manvi were partners in a firm and their capitals were ₹ 6,00,000 and ₹ 4,00,000 respectively. Normal rate of return in a similar business was 15% and the goodwill of the firm was valued at ₹ 3,00,000. If goodwill was calculated at three years purchase of super profits, the average profits of the firm were :
Questions Asked in CBSE CLASS XII exam
- Find the general solution of the differential equation \[ y\log y\,\frac{dx}{dy}+x=\frac{2}{y}. \]
- CBSE CLASS XII - 2026
- Differential Equations
- A square loop of side 0.50 m is placed in a uniform magnetic field of 0.4 T perpendicular to the plane of the loop. The loop is rotated through an angle of 60° in 0.2 s. The value of emf induced in the loop will be:
- CBSE CLASS XII - 2026
- Electromagnetic induction
A racing track is built around an elliptical ground whose equation is given by \[ 9x^2 + 16y^2 = 144 \] The width of the track is \(3\) m as shown. Based on the given information answer the following:
(i) Express \(y\) as a function of \(x\) from the given equation of ellipse.
(ii) Integrate the function obtained in (i) with respect to \(x\).
(iii)(a) Find the area of the region enclosed within the elliptical ground excluding the track using integration.
OR
(iii)(b) Write the coordinates of the points \(P\) and \(Q\) where the outer edge of the track cuts \(x\)-axis and \(y\)-axis in first quadrant and find the area of triangle formed by points \(P,O,Q\).
- CBSE CLASS XII - 2026
- Integration
- Consider a cylindrical conductor of length \( l \) and area of cross-section \( A \). Current \( I \) is maintained in the conductor and electrons drift with velocity \( \vec{v}_d \, (|\vec{v}_d| = \frac{eE}{m} \tau) \), where symbols have their usual meanings. Show that the conductivity of the material of the conductor is given by \[ \sigma = \frac{n e^2 \tau}{m}. \]
- CBSE CLASS XII - 2026
- Current Density
- The painting Hazrat Nizamuddin Auliya and Amir Khusro belongs to which sub-school of Deccan Miniature?
- CBSE CLASS XII - 2026
- Indian Miniature Paintings and Museums