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Retiring partner loan is ₹100000. ₹40000 is paid after six months. What is interest for the first six months at 6 percent per annum?

Answer and explanation

Correct answer: ₹3000

For the first six months full ₹100000 was outstanding. Interest is (100000 \times \frac{6}{100} \times \frac{6}{12}=3000).

Related tags

Partners-LoanInterestInstallment-DatePartner's Loan AccountPartner S Loan AccountReconstitution Retirement Or Death Of A PartnerAccountancyClass 12 Mcq

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