Question

Ramesh a partner in the form has advanced a loan of a rupees 100000 to the form and has demanded on interest 9% per annum the partnership deed is silent on the matter how will you deal with it

Answer 1

Since the Partnership deed is silent on payment of interest, the provisions of the Partnership Act, 1932 will apply. Accordingly, Ramesh is entitled to interest @ 6% p.a.

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Answer By shreyas