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Subjects
Class 12AccountancyReconstitution - Retirement or Death of a PartnerPartner's Loan AccountHard
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Agreement interest on loan is nine percent but the accountant applied the general six percent. On ₹200000 for one year, by how much is liability understated?

Answer and explanation

Correct answer: ₹6000

Correct interest is ₹18000 and recorded interest is ₹12000, so the difference is ₹6000. Exam tip: apply agreement rate before general rate.

Related tags

Agreement RateUnderstatementInterestPartner's Loan AccountPartner S Loan AccountReconstitution Retirement Or Death Of A PartnerAccountancyClass 12 Mcq
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10 more MCQs
  1. 1When the full amount due to a retiring partner is not paid immediately, the unpaid balance is transferred to which account?
  2. 2What is the normal nature of a retiring partner's loan account?
  3. 3Interest on the retiring partner's loan account is given to whom?
  4. 4If the agreement does not mention an interest rate, what rate is generally applied on the retiring partner's loan?
  5. 5Interest on a retiring partner's loan account is debited to which account?
  6. 6In the journal entry for interest on a retiring partner's loan account, which account is credited?
  7. 7When the loan amount is paid to the retiring partner, which account is debited?
  8. 8When the loan is paid to the retiring partner, which account is credited?
  9. 9On which side does the opening balance of a retiring partner's loan account appear?
  10. 10If the amount due to the retiring partner is fully paid in cash, will a loan account be opened?
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