A and B are partners without any partnership deed. B has given loan of ₹2,00,000 to the firm on 1st July 2023. B claim interest on loan @10% p.a. How much interest on loan will be paid to B for the year ending on 31st March 2024?
Answer & explanation
Correct answer: option 3
The correct answer is option 3- ₹9,000.
B's loan = ₹2,00,000 (1st July,2023)
Interest will be provided for 9 months @ 6% p.a. not 10% p.a. as there is no agreement.
Interest = 2,00,000 x 6/100 x 9/12
= 9,000