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Question : Banwari, Girdhari and Murari are partners in a firm sharing profits and losses in the ratio of 4: 5: 6. On 31st March, 2014, Girdhari retired. On that date the capitals of Banwari, Girdhari and Murari before the necessary adjustments stood at Rs. 2,00,000, Rs.1,00,000 and Rs. 50,000 respectively. On Girdhari's retirement, goodwill of the firm was valued at Rs. 1,14,000. Revaluation of assets and reassessment of liabilities resulted in a profit of Rs. 6,000. General Reserve stood in the books of the firm at Rs. 30,000.

The amount payable to Girdhari was transferred to his Loan Account. Banwari and Murari agreed to pay Girdhari two yearly instalments of Rs. 75,000 each including interest @ 10% p.a. on the outstanding balance during the first two years and the balance including interest in the third year. The firm closes its books on 31st March every year.
Question:
Interest charged on March 31, 2016 is

Option 1: Rs 15,000

Option 2: Rs 9,000

Option 3: Rs 6,000

Option 4: None of the above


Team Careers360 8th Jan, 2024
Answer (1)
Team Careers360 11th Jan, 2024

Correct Answer: Rs 9,000


Solution : Answer = Rs 9,000

Interest charged on March 31, 2016 is

1,50,000 - 60,000 = 90,000

90,000 x 10% = Rs 9000 p.a.
Hence, the correct option is 2.

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