Question

65. Mr. X and Mr. Y are partners in a firm
Mrs. X extended loan to firm@10% pa
of 1,00,000. Interest on loan given to Mr.
X will be
lal 36.000
ib) 10.000
Ic) €5.000
d) NI

Answer 1

S.I =PRT/100

Where S.I simple interest

P principal

R rate

T time

So, S.I=100000*10*1/100

S I=10,000

Option b is correct

Answer 2

b) 10000 will be the answer.

Explanation: in a partnership firm the interest is paid to the partner who gives loan to the firm and same will happen in the case of drawings , the firm will charge interest from the partner.

we will charge interest at that given rate of interest but if not given, we will charge interest @ 6 %.

here we Mr. X and Mr. Y are partners, Mr. X has given loan of ₹ 1,00,000 @ 10% p.a. calculation of interest given to Mr. X by simple rate of interest :-              

        interest formula = ( P * R * T ) / 100

here, P = 1,00,000

          R = 6%

         T = 1 year ( since no. of years is not given )

          = ( 1,00,000 * 10 * 1 ) / 100

           ₹ 10,000

          so, the interest on loan to Mr. X is ₹ 10,000