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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:
Installment to be paid on march 31, 2017 will be

Option 1: Rs 26,400

Option 2: Rs 36,400

Option 3: Rs 16,500

Option 4: None of the above


Team Careers360 3rd Jan, 2024
Answer (1)
Team Careers360 16th Jan, 2024

Correct Answer: Rs 26,400


Solution : Answer = Rs 26,400

Installment due on March 31, 2017 = 26400

Amount due 1,50,000
(-) Instalment (60,000 + 15000) 60000
90,000
(-) Instalment (66000 + 9000) 66000
24000
(+) Interest 10% 2400
26400

Hence, the correct option is 1.

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