Profit as per P/L a/c – Rs. 16450
Less: interest on loan to the firm (15000 x 6/100 x 6/12) – Rs. 450
Actual Profit – Rs. 16000
Zeema’s share of profit = 16000 x 1/2 = 8000
Neema’s share of profit = 16000 x 1/2 = 8000
If any partner has given a loan to the firm is addition to his/her share capital, he/she shall be entitled to interest on such loan @ 6% p.a. Such interest shall be paid even if the firm making any profit. If there is no written agreement, profits and losses are to be shared equally among partners.