Plz answer quickly!!!! In qno.1 Why interest on loan is not calculated for 4 months? It should be taken as 6% p.a but the answer is coming 5000 and i am getting 7000 by taking 6% and 7.5%. explain
1. Meghna, Sejal and Deepali are partners without any partnership deed. On 1st April, 2016 their capital account balance is Rs.5,00,000 each respectively. Meghna advanced a loan of Rs.1,00,000 to the firm on the above date but in next 4 months they could not finalised the rate of interest on such loan. On 1st August, 2016 they decided to form a partnership deed, according to which interest on Meghna’s loan will be given @ 7.5 % per annum. What amount of interest will be paid to Meghna on her loan on 31st March, 2017?
Dear Student
As per provisions, In case of absence of partnership deed, Interest on the loan is given at 6% p.a. Therefore for 4 months assuming partnership deed is absent interest shall be given @ 6% for four months as interest rate wasn't decided. Hence for 4 months, interest shall be given @ 6% and for remaining months interest shall be given @ 7.5%.
Your answer is correct, however, to avoid any confusion please give a note of the answer clarifying that for starting 4 months as partnership deed was absent interest is calculated @ 6%.
Regards
As per provisions, In case of absence of partnership deed, Interest on the loan is given at 6% p.a. Therefore for 4 months assuming partnership deed is absent interest shall be given @ 6% for four months as interest rate wasn't decided. Hence for 4 months, interest shall be given @ 6% and for remaining months interest shall be given @ 7.5%.
Your answer is correct, however, to avoid any confusion please give a note of the answer clarifying that for starting 4 months as partnership deed was absent interest is calculated @ 6%.
Regards