Question

Eena, Meena and Deeka are partners sharing profits and losses in the ratio 5:4:1. Meena retired on 31st March 2023 and her dues came out to be ₹ 7,20,000. Amount of ₹ 1,20,000 was paid immediately and balance was to be paid in three equal annual instalments together with interest @ 10% per annum. Determine the amount payable to Meena on 31st March 2025.

विकल्प

• ₹ 2,00,000

• ₹ 2,60,000

• ₹ 2,40,000

• ₹ 2,88,000

Answer 1

₹ 2,40,000

Explanation:

Total Dues: ₹ 7,20,000

Immediate Payment: ₹ 1,20,000

Loan Amount = Total Dues – Immediate Payment

= 7,20,000 – 1,20,000

= ₹ 6,00,000

Principal Installment = `"Loan Amount"/"Number of Installments"`

= `(6,00,000)/3`

= ₹ 2,00,000

Calculate the payment on 31^st March 2024:

Opening Balance (1st Year) = ₹ 6,00,000

Interest for 1^st year (10% of ₹ 6,00,000) = `6,00,000xx10/100` = ₹ 60,000

Payment on 31^st March 2024 = Principal + Interest

= 2,00,000 + 60,000

= ₹ 2,60,000

Remaining Loan Balance after 1st payment = 6,00,000 – 2,00,000

= ₹ 4,00,000

Calculate the payment on 31^st March 2025:

Opening Balance (2^nd Year) = ₹ 4,00,000

Interest for 2^nd year (10% of ₹ 4,00,000) = `4,00,000xx10/100` = ₹ 40,000

Payment on 31^st March 2025 = Principal + Interest

= 2,00,000 + 40,000

= 2,40,000