Question

Alok, Sarah and Aditya were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. On 1^st January, 2025 Alok advanced a loan of ₹ 2,00,000 to the firm. In the absence of a partnership agreement, the amount of interest on loan due to Alok on 31^st March, 2025 will be ______.

Options

• ₹ 20,000

• ₹ 12,000

• ₹ 3,000

• ₹ 5,000

Answer 1

Alok, Sarah and Aditya were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. On 1^st January, 2025 Alok advanced a loan of ₹ 2,00,000 to the firm. In the absence of a partnership agreement, the amount of interest on loan due to Alok on 31^st March, 2025 will be ₹ 3,000.

Explanation:

Given:

Loan by Alok = ₹ 2,00,000

Period = 1 Jan 2025 to 31 March 2025 = 3 months

Rate = 6 % p.a.

Using simple interest:

`I = (P xx R xx T)/100`

`I = (2,00,000 xx 6 xx 3)/(100 xx 12)`

`I = (2,00,000 xx 18)/1200`

`I = (36,00,000)/1200`

I = ₹ 3,000