Question

Ram and Gopal are partners sharing profits and losses in the ratio of 2 : 1 . Gopal gave a loan of Rs.12,000 to the firm. They did not have any specific agreement about interest on loan mentioned in the partnership deed. Gopal claims interest on loan @ 10% p.a. The interest on loan as per rules of Partnership Act, 1932 will be​

Answer 1

Given:

• Ram and Gopal are partners in a firm, sharing profits and losses in the ratio 2:1.
• Gopal gave a loan of Rs 12,000 to the firm, when there was no specific agreement about its interest.
• Gopal claims the loan interest to be 10% p.a.

To find: The interest on loan.

Answer:

If there is no partnership deed/the partnership deed is silent/no agreement has been made regarding interests on loans, as per the Partnership Act, 1932, the rate of interest on loans will be charged at 6% p.a.

Interest on loan = Loan × (Rate ÷ 100)

Interest on loan = Rs 12,000 × (6 ÷ 100)

Interest on loan = Rs 720

Therefore, the actual interest on Gopal's loan is Rs 720, since there was no specific agreement.

To know more about the provisions of the Partnership Act in the absence of the partnership deed, refer to the link below:

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