Question

2
Q.12 Shiv a partner advanced
Rs. 50,000 on 1st,
October 2016 as loan to firm.
Accounts are closed on 31st
March, 2017. How much
interest on loan will be given to
him. *
Rs. 3,000
Rs. 5,000

Rs. 1,500
Rs. 1,000​

Answer 1

Answer:

Interest Payable to A - Rs.30,000×3/5×6/100×6/12=Rs.540

Interest Payable to B - Rs.30,000×2/5×6/100×6/12=Rs.360.

According to the Indian Partnership Act, 1932, interest @ 6% p.a. is payable on the amount of loan given by partners. In the present case, interest will be payable for 6 months, i.e., from 1st October, 2017 to 31st March, 2018.