When some amount is paid in cash & balance is agreed to be paid in installments, then the balance is transferred to ………….

Retiring partner`s account

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Retiring partner`s loan account

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Cash/ bank account

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None of these

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Solution

The correct option is B
Retiring partner`s loan account

When some amount is paid in cash & balance is agreed to be paid in installments, then the balance is transferred to Retiring partner`s loan account.

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When the amount due to retiring partner is paid by cheque, which account is credited?

Retiring partner`s capital account is ___ when the sum due to him is paid.

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