Sarthaks Test
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M and N are partners in a firm. M has given a loan of Rs.8,000 to the firm on 1st July, 2016. The Partnership Deed is silent upon the question of provision of interest on partner’s loan. Compute the amount of interest payable on the loan advanced by M to the firm, assuming the books are closed on 31st March each year.

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Note: In case the partner ship agreement is silent account to the partnership act interst on load or given by partner to the firm.

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