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Retiring partner loan is ₹275000 and 4 percent annual interest is added for one year. If ₹95000 is paid what is the remaining loan?

Answer and explanation

Correct answer: ₹191000

Interest is (275000 \times \frac{4}{100}=11000) so amount due becomes ₹286000. After payment of ₹95000 the balance is ₹191000.

Related tags

Partners-LoanInterestRepaymentPartner's Loan AccountPartner S Loan AccountReconstitution Retirement Or Death Of A PartnerAccountancyClass 12 Mcq

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