Harman , partner of a firm had given loan of Rs.100000 on 1st April, 2018.
Interest on loan was agreed at 10% p.a. as against 6% p.a. prescribed in The Partnership Act, 1932. What will be the amount of interest payable to Harman for the year ended 31st March, 2019 ?

Dear Student,

The provision of partnership act 1932 which states tht the interest on partner's loan is to be provided at 6%p.a. is applicable only when there is no specific agreement regarding interest on loan.

so, Harman will be given @10%p.a. 

 interest payable = 100000*10%
                            =10,000

​​​Regards