FUNDAMENTALS OF PARTNERSHIP FIRM TS GREWAL (2022-23) CBSE

QUESTION: 7

Sita and Geeta are partners in a firm sharing profits in the ratio of 3:2. They had given loan to the firm of ₹ 30,000 in their profit sharing ratio on 1st October, 2021. The partnership Deed is silent on interest on loans from partners. Compute interest payable by the firm to the partners, assuming the firm closes its books every year on 31st March.

Answer:

Sita’s share in loan to partner = 30,000 x 3/5 = ₹ 18,000/-

Geeta’s share in loan to partner = 30,000 x 2/5 = ₹ 12,000/-

Interest on Sita’s loan to firm = 18,000 x 6/100 x 6/12 = ₹ 540/-

Interest on Geeta’s loan to firm = 12,000 x 6/100 x 6/12 = ₹ 360/-