jay and joy are partners in the firm sharing profits in the ratio of 3:2 . they had advanced to the firm 30000 as a loan in their profit sharing ratio on 1st oct 2018 .the partnership deed is silent on payment of interest on loan from partners .compute the interest payable by the firm to the partners and pass the journal entry in the books of the firms assuming the firm closes its books on 31st march.
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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.
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2
Answer:
30,000×6÷12×3÷5×6÷100=540
30,000×2÷5×6÷12×6÷100=rs360
Explanation:
According to Indian partnership act interest on loan 6%so we divide 3 by 5 by adding 3 :2 so we get 540
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