Kanha, Neeraj and Asha were partners in a firm. They admitted Raghav their landlord as a partner in the firm. Raghav brings a sufficient amount of capital and goodwill premium for his share in the profits. Raghav had given a loan of ₹ 1,00,000 @ 10% p.a. interest to the partnership firm before he became the partner. Now the accountant of the firm is emphasizing that the interest on the loan should be paid @ 6% p.a. Is he right in doing so? Give a reason in support of your answer.

Anurag Pathak Changed status to publish April 9, 2023
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