Question 10 Chapter 2 of Class 12 Part – 1 Usha Publication

Question 10 Chapter 2 of Class 12 Part – 1 Usha Publication

10. (Interest on Loan) Rajan and Sunil are partners in a chemist shop in 3:1 ratio. Rajan gave a loan of Rs.2,00,000 to the firm on 1st April 2018 which the firm returned on 31st December 2018. Sunil also gave Rs.1,00,000 as a loan to the firm on 1st November 2018. Meanwhile, wife of Rajan gave a loan of Rs.50,000 to the firm @10% on 1st January 2019. Partnership Deed is silent on interest on a loan of a partner. Calculate interest on Loan of Partner and Mrs Partner.

The solution of Question 10 Chapter 2 of Class 12 Part – 1 Usha Publication: -

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Interest on Loan:
Payable to Rajan for 9 months = 2,00,000 x 6/100 x 9/12 = Rs.9,000
Payable to Sunil for 5 months = 1,00,000 x 6/100 x 5/12 = Rs.2,500

Payable to Mrs. Rajan for 3 months = 50,000 x 10/100 x 3/12 = Rs.1,250