A partner has given a loan of ₹ 20,000 to the firm on 1st July 2022. The Partnership Deed is silent as to the interest on Loan by Partner

1.15K viewsNovember 7, 2023Accountancy Class 12th

Anurag Pathak 24.18K April 9, 2023 0 Comments

A partner has given a loan of ₹ 20,000 to the firm on 1st July 2022. The Partnership Deed is silent as to the interest on Loan by Partner. State giving reason, how much amount of interest on Loan will be allowed if loss before interest for the year ended 31st March 2023 was ₹ 5,000.

Anurag Pathak Changed status to publish November 7, 2023

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Anurag Pathak 24.18K Posted April 9, 2023 0 Comments

Answer:-

Interest on Loan by Partner = ₹ 20,000 * 6/100 * 9/12 = ₹ 900

Anurag Pathak Changed status to publish April 9, 2023

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