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P, Q and R Were Partners in a Firm. on 31st March, 2018 R Retired. the Amount Payable to R ₹ 2,17,000 Was Transferred to His Loan Account. R Agreed to Receive Interest on this Amount - Accountancy

One Line Answer

P, Q, and R were partners in a firm. On 31st March 2018 R retired. The amount payable to R ₹ 2,17,000 was transferred to his loan account. R agreed to receive interest on this amount as per the provisions of Partnership Act, 1932. State the rate at which interest will be paid to R.

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Solution

The rate of interest payable to R would be 6% per annum as per the provisions of Partnership Act, 1932.

Concept: The Indian Partnership Act 1932
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