The firm took a loan from Mr. A of ₹3,00,000 on 1st October. How much…

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Mr. A, Mr. B and Mrs. C are friends, graduated from JIM Calcutta with specialisation in finance. They started a financing business as a partnership firm. In a written Partnership Deed they specify that the profit sharing ratio amongst them would be 3 : 2 : 1 and interest on capital would be provided @ 5% p.a. However no specifications were made in partnership deed about the interest on drawings and loans. The capitals contributed by them were ₹3,00,000, ₹2,00,000 and ₹1,00,000 by A, B and C respectively. During the year Mrs. C withdrew ₹20,000 to meet her family expenses. Looking at insufficient capital Mr. B introduced another ₹1,00,000 as capital into the firm on 1^st June 2021. The business was expanding and for the same purpose the firm took a loan from Mr. A of ₹3,00,000 on 1^st October 2021. During the year ended 31 March, 2022 firm earned a profit of ₹4,00,000 before charging rent of ₹20,000 p.a. Looking at the competency of Mr. D being a C.A. Mr. B wanted to introduce him in the partnership firm as a partner. The firm started its operation on 1^st April 2021.