Accountancy, asked by mrromeoromeo99, 2 days ago

2. Gagandeep, a partner advanced a loan of Rs 60,000 to the firm on 30th November 2020. The firm incurred a loss of Rs 15,000 during the year ending 31st March, 2021. In the absence of partnership deed interest a loan allowed to Gagandeep will be?

Answers

Answered by Anonymous

2

SOLUTION_

Amount of loan given by M to the firm (on 1st July, 2017) = Rs. 8,000
Period (from 1st July, 2017 to 31st March, 2018) = 9 months

Interest rate = 6% p.a.

Interest on M's loan = 8,000 x 6/100 x 9/12 = 360

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