Question

.A Partnership deed is silent about the Interest on loan to all the partners. A partner Mr.X provided a loan of Rs.4,00,000 to the firm and there was a loss of Rs.60,000 to the firm . The amount of interest paid to the partner will be?​

Answer 1

Answer:

Answer

Correct option is

B

Rs. 360

Amount of loan given by M to the firm (on 1st July, 2017) = Rs. 8,000

Period (from 1st July, 2017 to 31st March, 2018) = 9 months

Interest rate = 6% p.a.

Interest on M's loan = 8,000 x 6/100 x 9/12 =

Answer 2

ANSWER :

• ❖If the Partnership deed is silent about the Interest on loan to all the partners and a partner Mr. X provided a loan of Rs. 4,00,000 to the firm and there was a loss of Rs. 60,000 to the firm; then the amount of interest paid to the partner will be Rs. 24,000.

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SOLUTION :

❒ Given :-

• Loan advanced by Mr. X is Rs. 4,00,000

• Partnership deed is silent about the interest on loan to all the partners.

• The firm incurred a loss of Rs. 60,000

❒ To Find :-

• Amount of interest paid to Mr. X = ?

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❍ Note :-

• ✎ If any partner(s) advances any amount of money as a loan to a firm, he is entitled to receive interest on loan. The rate of interest to be allowed on such amount of loan is generally agreed upon by the partners and mentioned in the partnership deed. But in absence of any agreement or if the partnership deed is silent about the fact, then the provision of the Partnership Act, 1932 applies. According to Section 13 (b) of the Partnership Act, 1932; such partner(s) shall be entitled to a simple interest of @6% per annum on loan amount. The interest on loan is payable to the partners even if there is no profit, i.e., the firm incurred loss.

❍ Assumption to the question :-

• ⊚ As the date of of loan advanced to the firm is not mentioned on the question and partnership deed is silent about the interest on loan, it is assume that the loan is advanced for a period of one year and hence the interest will be calculated @6% per annum for 1 year.

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❒ Calculation :-

It is given that,

• Amount of loan advanced = Rs. 4,00,000

• Rate of interest on loan = 6% p.a.

• Time period = 1 year

We know that,

• $\dag \: \: \underline{ \boxed{ \sf{ \: Interest \: \: on \: \: Loan = Amount \: \: of \: \: Loan \times Rate \: \: of \: \: Interest \times Time \: }}}$

Using this formula, we get,

• $\bigstar \: \: \tt{Interest \: \: on \: \: Loan = Amount \: \: of \: \: Loan \times Rate \: \: of \: \: Interest \times Time}$

$\longrightarrow \: \tt{Interest \: \: on \: \: Loan = Rs. \: 4,00,000 \times 6 \: \% \times 1 \: year}$

$\longrightarrow \: \tt{Interest \: \: on \: \: Loan = Rs. \: 4,00,000 \times \dfrac{6}{100} \times 1}$

$\longrightarrow \: \tt{Interest \: \: on \: \: Loan = Rs. \: 24,000}$

Hence,

• The amount of interest on loan = Rs. 24,000.