Amrinder, Mahinder and Joginder are partners in a firm. Mahinder retires from the firm.
Channel: Doubtnut
Date: 2021-11-02

Amrinder, Mahinder and Joginder are partners in a firm. Mahinder retires from the firm. On his date of retirement, Rs. 60,000 becomes due to him. Amrinder and joginder promise to pay him in instalments every year at the end of the year. Prepare Mahinder's Loan Account in the following cases:   1. When payment is made four yearly instalments plus interest `@ 12%` p.a. on the unpaid balance.