Shahzad, raja and sohan were partners in a firm. they admitted angad singh, their landlord as a partner in the firm. angad singh who brought sufficient amount of capital and his share of goodwill premium. angad singh had given a loan of ` 10,00,000 @ 5% p.a. interest to the partnership firm before he became the partner. now the accountant of the firm is emphasizing that the interest on loan should be paid @ 6% p.a. is he right in doing so ? give reason in support of your answer.
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first case
if the deed is silent about the interest on loan of partners than interest @6% can be paid to the partners on their loan...
also in other case
you can also pay @5% as 6% is the maximum rate that can pe paid so such rate of interest can be lower than the maximum limit of 6%
in both the cases your answer would be right but you should write a note on the same
if the deed is silent about the interest on loan of partners than interest @6% can be paid to the partners on their loan...
also in other case
you can also pay @5% as 6% is the maximum rate that can pe paid so such rate of interest can be lower than the maximum limit of 6%
in both the cases your answer would be right but you should write a note on the same
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