Question

32. On 1st January 2019, a partner advanced a loan of 1,00,000 to the firm. In
the absence of agreement, interest on loan on 31st March, 2019 will be?​

Answer 1

Explanation:

According to partnership act 1932 interest on patner's loan in the absence of partnership deed is to be 6% per annum

Answer 2

On 1st January 2019, a partner advanced loan of 1,00,000 to the firm . In the absence of agreement, interest on loan will be provided to 6% per annum.

In partnership firm , partnership deed is prepared as it is an legal document which defines relationship among the partners.

It governs the rights, duties and liabilities of each partner.

And when partnership deed is not formed, Partnership Act 1932 is applicable .

According to which when interest is given to partner at the rate 6% per annum.