39 :- Rakesh retired from the firm. The amount due to him was determined at Rs 90,000. It was decided to pay the due amount as follows:
On the date of retirement – Rs 30,000
Balance in three yearly installments – First two installments being of Rs 26,000, including interest; and balance amount as last installments.
Interest was payable @10% p.a. Prepare Retiring Partner’s loan account.
Solution :-
