Question - 40

Pawan, pankaj and Palash are equal partners of a firm on 31st December 2012 Palash died on this date amount payable to him was Rs. 50,000. It was decided that this amount will be paid as annuity of Rs. 10,000 is to be paid its first payment was made on 1st january 2013 and other payment are made each year on 1st January His legal executor died on 3rd January 2016 interest dis calculated @ 10% p.a. on the outstanding balance of each year.

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