Lecture No. 05 Concept of Interest on Partners Loan

Jay Gulani : Class XII Fundamental of Partnership Accounting. This lecture covered
Question : Jay and Veeru are partners in a firm sharing profits in the ratio of 2 : 1. They had advanced to the firm a sum of ` 60,000 as a loan in their profit sharing ratio on 1st Nov; 2017. 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.
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