Question

information provided by the Dhara and Gala partners is a farm in a Jammu they do not have agreement .​

Answer 1

ANSWER :

• ❖ If Dara and Gala have advanced loan Rs. 90,000 in 2 : 1 ratio on 1st April, 2018 @12% p.a. and on 1 January, 2019, Dara further gave Rs. 50,000 to the firm as loan; then the Interest on Loan advanced by Dara for the year 2018-19 will be Rs. 8,700 and the Interest on Loan advanced by Gala for the year 2018-19 will be Rs. 3,600.

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SOLUTION :

❒ Given :-

• Dara and Gala have advanced loan to the firm of Rs. 90,000 in the ratio 2 : 1 on 1st April, 2018.

• Interest on loan to be charged at 12% p.a.

• Dara gave further Rs. 50,000 as loan to the firm on 1st January, 2019.

❒ To Calculate :-

• Dara's Interest on Loan for the year 2018-19 = ?

• Gala's Interest on Loan for the year 2018-19 = ?

❒ Formula :-

• ✎ Interest on Loan is calculated on a particular amount in the given rate of Interest for a specified time period as under :

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

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❒ Calculation of Loan advanced by Dara and Gala on 1st April, 2018 :-

It is given that,

• Dara and Gala have advanced loan to the firm of Rs. 90,000 in the ratio 2 : 1 on 1st April, 2018.

So,

• Loan advanced by Dara = $\sf{\dfrac{2}{3}}$ of Rs. 90,000

➜ Loan advanced by Dara = $\sf{\dfrac{2}{3}}$ × Rs. 90,000

➜ Loan advanced by Dara = Rs. 60,000

And,

• Loan advanced by Gala = $\sf{\dfrac{1}{3}}$ of Rs. 90,000

➜ Loan advanced by Gala = $\sf{\dfrac{1}{3}}$ × Rs. 90,000

➜ Loan advanced by Gala = Rs. 30,000

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❒ Calculation of Interest on Loan advanced by Dara for the year 2018-2019 :-

Here,

• Amount of Loan advanced by Dara on 1st April, 2018 = Rs. 60,000

• Rate of Interest = 12% p.a.

• Time = 1 year

Using the formula of Interest on Loan, we get,

• ★ Interest on Loan = Amount × Rate of Interest × Time

⇒ Interest on Loan = $\sf{Rs. \: 60,000 \times 12 \: \% \times 1 year}$

⇒ Interest on Loan = $\sf{Rs. \: 60,000 \times \dfrac{12}{100}}$

⇒ Interest on Loan = Rs. 7,200

Again,

• Dara gave further Rs. 50,000 as loan to the firm on 1st January, 2019.

So,

• Additional loan advanced by Dara = Rs. 50,000

• Rate of Interest = 12% p.a.

• Time = 3 months (From 1st January, 2019 to 31st March, 2019)

Using the formula of Interest on Loan, we get,

• ★ Interest on Loan = Amount × Rate of Interest × Time

⇒ Interest on Loan = $\sf{Rs. \: 50,000 \times 12 \: \% \times 3 \: months}$

⇒ Interest on Loan = $\sf{Rs. \: 50,000 \times \dfrac{12}{100} \times \dfrac{3}{12}}$

⇒ Interest on Loan = Rs. 1,500

Now,

• ✪ Total Interest on Loan = Interest on Loan of Rs. 60,000 + Interest on Loan of Rs. 50,000

➨ Total Interest on Loan = Rs. 7,200 + Rs. 1,500

∴ Total Interest on Loan = Rs. 8,700

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❒ Calculation of Interest on Loan advanced by Gala for the year 2018-2019 :-

Here,

• Amount of Loan advanced by Gala on 1st April, 2018 = Rs. 30,000

• Rate of Interest = 12% p.a.

• Time = 1 year

Using the formula of Interest on Loan, we get,

• ★ Interest on Loan = Amount × Rate of Interest × Time

⇒ Interest on Loan = $\sf{Rs. \: 30,000 \times 12 \: \% \times 1 year}$

⇒ Interest on Loan = $\sf{Rs. \: 30,000 \times \dfrac{12}{100}}$

∴ Interest on Loan = Rs. 3,600

Answer 2

Explanation:

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