Question

Naisha, Mansi and Aakash were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 2. On 1st January, 2025, Aakash advanced a loan of ₹ 3,00,000 to the firm. In the absence of a partnership deed, the amount of interest on loan due to Aakash on 31st March, 2025 will be :

• A. ₹ 18,000
• B. ₹ 4,500
• C. ₹ 9,000
• D. ₹ 30,000

Hint:

In the absence of partnership deed:

• Interest on Partner's Loan \(\Rightarrow\) 6% p.a. (mandatory)
• Interest on Capital \(\Rightarrow\) No interest
• Interest on Drawings \(\Rightarrow\) No charge
• Profit sharing \(\Rightarrow\) Equal
• Salary/Commission \(\Rightarrow\) Not allowed

Always calculate interest on loan for the actual period, not the whole year!

Answer 1

The Correct Option is B

We need to find the interest on loan given by Aakash to the firm.
Step 1: Recall the rule for interest on partner's loan in the absence of partnership deed.
According to the Indian Partnership Act, 1932, in the absence of a partnership deed:

• No interest is allowed on partners' capital.
• No interest is charged on partners' drawings.
• Partners are not entitled to any salary or commission.
• Interest on loan advanced by a partner is allowed at 6% p.a.

Step 2: Calculate the interest.
Given:

• Loan amount = ₹ 3,00,000
• Rate of interest = 6% p.a. (as per law)
• Period = From 1st January, 2025 to 31st March, 2025 = 3 months

\[ \text{Interest} = 3,00,000 \times \frac{6}{100} \times \frac{3}{12} \] \[ \text{Interest} = 3,00,000 \times 0.06 \times 0.25 \] \[ \text{Interest} = 3,00,000 \times 0.015 = ₹ 4,500 \] Step 3: Verify.
3 months = 1/4 year
6% for full year = ₹ 18,000
For 3 months = ₹ 18,000 × 1/4 = ₹ 4,500 ✓ Final Answer: (B) ₹ 4,500