Multiple choice

Ajay is a partner in a firm and he has granted a loan to the firm of Rs 1,50,000 on 1st April 2005. What interest would he get if the books are closed on 31st December 2005 in absence of any the partnership deed?

  1. Rs 5,000

  2. Rs 6000

  3. Rs 6,750

  4. No interest to be provided

Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

1,50,000 X   X  6 = Rs 6,750 . The interest is provided @  6% p.a. on the loan given in absence of any the partnership deed.                                            12    100