Question

Paid Interest at 5% p.a on loan of Suman for 3 months (journal entry)





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Answer 1

Answer

Interest Payable to A - Rs.30,000×3/5×6/100×6/12=Rs.540Interest Payable to B - Rs.30,000×2/5×6/100×6/12=Rs.360.

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