Shubh, Vansh and Veer were partners in a firm sharing profits and losses equally. On 31st March, $\displaystyle 2023$, Vansh retired. On the date of retirement, *s $\displaystyle 2,40,000$ became due to him. Shubh and Veer agreed to pay Vansh in two equal yearly instalments plus interest @ $\displaystyle 10$% p.a. on the unpaid balance starting from 31st March, 2024. The firm closes its books on 31st March every year. Prepare Vansh 's Loan Account till it is fully paid.

Books of Shubh, Vansh and Veer Dr. Vansh’s Loan A/c Cr. Date Particulars Amount Date Particulars Amount (₹) (₹) $\displaystyle 2023$ $\displaystyle 2023$ March $\displaystyle 31$ To Balance c/d $\displaystyle 2,40,000$ March $\displaystyle 31$ By Vansh’s Capital A/c $\displaystyle 2,40,000$ $\displaystyle 2,40,000$ $\displaystyle 2,40,000$ $\displaystyle 2024$ $\displaystyle 2023$ March $\displaystyle 31$ To Bank /Cash A/c $\displaystyle 1,44,000$ April $\displaystyle 1$ By Balance b/d $\displaystyle 2,40,000$ $\displaystyle 2024$ March $\displaystyle 31$ To Balance c/d $\displaystyle 1,20,000$ March $\displaystyle 31$ By Interest A/c $\displaystyle 24,000$ $\displaystyle 1$/$\displaystyle 2$ $\displaystyle 1$/$\displaystyle 2$ $\displaystyle 2,64,000$ $\displaystyle 2,64,000$ $\displaystyle 2025$ $\displaystyle 2024$ By Balance b/d $\displaystyle 1,20,000$ March $\displaystyle 31$ To Bank / Cash A/c $\displaystyle 1,32,000$ April $\displaystyle 1$ $\displaystyle 2025$ By Interest A/c $\displaystyle 12,000$ March $\displaystyle 31$ $\displaystyle 1$/$\displaystyle 2$ $\displaystyle 1,32,000$ $\displaystyle 1,32,000$