6 :- Sita and Geeta are partners in a firm sharing profits in the ratio of 3:2. They had given loan to the firm of Rs 30,000 in their profit-sharing ratio on 1st October, 2024. The partnership deed does not prescribe for interest on loan from partners. Compute interest payable by the firm to the partners, assuming the firm closes its books every year on 31st March.
Solution:- Interest payable to Sita and Geeta is caluculated as follows:
Sita’s share in loan = 30,000 x 3/5 = Rs 18,000
Interest payable on Sita’s loan = 18,000 x 6/100 x 6/12 = Rs 540
Geeta’s share in loan = 30,000 x 2/5 = Rs 12,000
Interest payable on Geeta’s loan = 12,000 x 6/100 x 6/12 = Rs 360