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Retiring partner loan is ₹240000. Principal ₹90000 is paid after 6 months. What is total interest for the year at 6 percent per annum?

Answer and explanation

Correct answer: ₹11700

Interest for first 6 months is ₹7200 and for next 6 months on ₹150000 is ₹4500. Total interest is ₹11700.

Related tags

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

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