Question

3. On 1st January 2019, a
partner advanced a loan of
rupees 100,000 to the firm . In
the absence of agreement,
interest on loan on 31st march
2019 will be: *​

Answer 1

Explanation:

According to the partnership Act, In the absence of partnership agreement, interest on loan will be charged @6%.

so, loan of the firm = 1,00,000

interest on loan = 6%

Total interest on loan = 1,00,000 × 6%

= 6,000 ( ans)