Question

7. Sita and Geeta are partners in a firm sharing profits in the ratio of 3:2. They had given loan to the firea30,000 in their profit-sharing ratio on 1st October, 2020. The Partnership Deed is silent on interest on lozesfrom partners. Compute interest payable by the firm to the partners, assuming the firm closes its boomevery year on 31st March.​

Answer 1

Answer:

Interst payable to Sita = 30000 X 3/5 X 6/100 X 6/12 = 540

Interst payable to Geeta = 30000 X 2/5 X 6/100 X 6/12 = 360 Ans.

Answer 2

Answer:

Computation of interest payable to Sita and Geeta is shown below.

Explanation:

$Interest payable to Sita = 30000 * \frac{3}{5} * \frac{6}{100} * \frac{6}{12}$

= 540

$Interest payable to Geeta = 30000 * \frac{2}{5} * \frac{6}{100} * \frac{6}{12}$

= 360