A and B partner in a firm sharing profit in the ratio of 3:2 they had advance to the firm a sum of $30,000 as a lone in there profit sharing ratio on 1st October, 2016. the partnership deed is silent on interest on loan from parents. compute interest payable by the firm to partners assuming the firm close it's book on 31 March.
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interest on loan = 30000×6/100×6/12
= 900
when partnership did is silent then partner's interest is calculated @ 6% per annum as per Partnership Act 1932
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