Question

dhoni and harbhajan advanced 150000 to the firm in their profit ratio which is 2:1. there is no agreement between partners. find out interest on loan for the year​

Answer 1

Answer:

Interest Payable to A - Rs.30,000×3/5×6/100×6/12=Rs.540

Interest Payable to B - Rs.30,000×2/5×6/100×6/12=Rs.360.

According to the Indian Partnership Act, 1932, interest @ 6% p.a. is payable on the amount of loan given by partners. In the present case, interest will be payable for 6 months, i.e., from 1st October, 2017 to 31st March, 2018.