38 :- Ashok, Bhaskar and Chaman were in partnership sharing profits and losses equally. ‘Bhaskar’ retires from the firm. After adjustments, his capital account shows a credit balance of Rs 3,00,000 as on 1st April, 2020. Balance due to ‘Bhaskar’ is to be paid in three equal annual installments along with interest @10% p.a. Prepare Bhaskar’s loan account until he is paid the amount due to him. The firm closes its books on 31st March every year.
Solution :-
