Sarthaks Test
0 votes
524 views
in Accounts by (64.1k points)

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.

1 Answer

0 votes
by (106k points)
selected by
 
Best answer

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

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.

Categories

...