Gopal, Heera and Iqbal were partners in a firm sharing profits and losses equally. Iqbal died on 1st April, 2022. Final dues payable to Iqbal’s executor as on the date of death amounted to ₹4,00,000. Starting from 31st March, 2023, the executor was to be paid in two equal annual instalments of  ₹2,00,000 each, with interest @ 10% per annum. Accounts are closed on 31st March every year.  Prepare Iqbal’s executor’s account till he is finally paid.   

Marks-4, CBSE: 2024-25/Zone-4/Set-1/Q-22