Anita and Nikita are partners in a firm sharing profits and losses in 2 : 1. Nikita has granted a loan of ₹90,000 to the firm at 9%. Profit of the firm for the year is ₹3,500. Calculate the amount of interest on the loan to be given to Nikita.

[0.88 marks]

₹8,100

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Solution

The correct option is A ₹8,100
Interest on loan is a charge against profit. It is provided irrespective of profit or loss.
$Interest on Loan = ₹ 90, 000 \times \frac{9}{100}$
$= ₹ 8, 100$

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Anita and Nikita are partners in a firm sharing profits and losses in 2 : 1. Nikita has granted a loan of ₹90,000 to the firm at 9%. Profit of the firm for the year is ₹3,500. Calculate the amount of interest on the loan to be given to Nikita. [0.88 marks]

The correct option is A ₹8,100Interest on loan is a charge against profit. It is provided irrespective of profit or loss. Interest on Loan =₹90,000×9100 =₹8,100

Anita and Nikita are partners in a firm sharing profits and losses in 2 : 1. Nikita has granted a loan of ₹90,000 to the firm at 9%. Profit of the firm for the year is ₹3,500. Calculate the amount of interest on the loan to be given to Nikita.

[0.88 marks]

The correct option is A ₹8,100
Interest on loan is a charge against profit. It is provided irrespective of profit or loss.
$Interest on Loan = ₹ 90, 000 \times \frac{9}{100}$
$= ₹ 8, 100$