Question

P, Q, and R were partners in a firm. On 31^st 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.

Answer 1

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