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Question
| Ayush, Chaman, and Govind were partners since 1st April 2017 and were sharing profits in a 3 : 2 : 1. However, they did not prepare a partnership deed. You are required to answer the following question for the year ending 31st March, 2024: |
Govind introduced additional capital of ₹ 2,00,000 and advanced a loan of ₹ 1,00,000 on 1st October 2023. Interest allowed to Govind will be:
Options
₹ 9,000
₹ 6,000
₹ 3,000
Nil
MCQ
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Solution
₹ 3,000
Explanation:
Since there is no partnership deed, interest on loan advanced by a partner is allowed at 6% per annum as per the Partnership Act.
Govind advanced a loan of ₹ 1,00,000 on 1st October 2023.
Period: From 1st October 2023 to 31st March 2024 = 6 months
Interest on loan = ₹ `1,00,000 xx 6/100 xx 6/12`
= ₹ 3,000
Therefore, the interest allowed to Govind is ₹ 3,000.
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