Mita and Mohan are partners sharing Profits and Losses in the ratio of 1 : 2 with capitals of ₹ 15,000 and ₹ 25,000 respectively. The Partnership Deed provides for interest on capital @ 6% per annum. The trading loss for the year ending 31st March, 2016 was ₹ 1,500. State, giving reason, the amount of interest of capital which will be allowed to the partners.
Mita and Mohan are partners sharing Profits and Losses in the ratio of 1 : 2 with capitals of ₹ 15,000 and ₹ 25,000 respectively. The Partnership Deed provides for interest on capital @ 6% per annum. The trading loss for the year ending 31st March 2016 was ₹ 1,500. State, giving reason, the amount of interest of capital that will be allowed to the partners.
Anurag Pathak Changed status to publish April 9, 2023
Answer:-
Nil, because in the absence of a Partnership Deed interest on Capital is not allowed.
Anurag Pathak Changed status to publish April 9, 2023
