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Class 12 Accountancy Partnership Accounts - Basic Concepts AdjustmentsExpert

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A gave a loan of (₹80000) on 1 April. On 1 October (₹20000) was repaid. The deed is silent. What is loan interest for the year?

Answer and explanation

Correct answer: (₹4200)

For first (6) months interest is on (₹80000) and next (6) months on (₹60000) at (6%). Total is (₹2400+₹1800=₹4200).

Related tags

Partnership Adjustments Loan Repayment Partnership Accounts Basic Concepts Accountancy Class 12 Mcq

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