Ranjit and surjit share profits in 2:1 ratio. Ranjit gave loan 30000 to the firm on 1st April 2018. and surjit gave loan 50000 on 1st October 2018. find out interest on loan for the year ended 31st March 2019 assuming there is no agreement.
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Interest on Loan:
Ranjit (for one year) = 30,000*6/100 = Rs.1800
Surjit (for 6 months) = 50,000*6/100*6/12 = Rs.1500
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