Update

Muft Shiksha™ एक 100% Free Education Portal है 🇮🇳, जिसका उद्देश्य Class 9–12 के हर विद्यार्थी तक High-Quality Education को पूरी तरह मुफ्त पहुँचाना है। 🇮🇳 हम मानते हैं कि अच्छी शिक्षा किसी student की आर्थिक स्थिति पर निर्भर नहीं होनी चाहिए। 🇮🇳 हर विद्यार्थी को वही Quality Study Material, MCQs, Quizzes, Exam Preparation, Concept-Based Learning और Bilingual Support मिलना चाहिए, जो आमतौर पर महंगी Coaching या Premium Platforms में मिलता है। Muft Shiksha™ 🇮🇳 इसी सोच के साथ बनाया गया है

Subjects
0 reads0 ratings0 helpful

Which three pieces of information are required to calculate interest on the balance of a retiring partner’s loan account?

Answer and explanation

Correct answer: Amount, interest rate, and time

Interest is calculated using the basic relationship: Interest = Principal × Rate × Time. Therefore, the balance of the loan account, the applicable interest rate, and the period for which interest is charged are all necessary. Partners’ names, the business address, or the quantity of goods do not determine this interest. Exam tip: identify the amount, rate, and time before calculating.

Related tags

Partner Loan AccountInterest CalculationRetirement Of PartnerAccountancy BasicsPartner's Loan AccountPartner S Loan AccountReconstitution Retirement Or Death Of A PartnerAccountancy

Was this question useful?

No ratings yetWrite a review / Rate this question

Student Reviews

No published reviews yet.

Add Muft Shiksha to your Home Screen

In Safari, tap Share, then Add to Home Screen.