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Standard X

Mathematics

Where a partn...

Question

Where a partner has advanced any loan to the firm and the agreement provides for interest, but does not specify any rate, the rate shall be ________________.

6 %

p.a.

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8 %

p.a.

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9 %

p.a.

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5 %

p.a.

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Solution

The correct option is A $6 %$ p.a.
According to the Partnership Act, 1932 , if a partner as advanced any loan to the firm and if there exist an agreement to the pay the partner, interest on loan. Then the firm will pay interest of loan out of profits or capital at a rate of 6% per annum.

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Where a partner has advanced any loan to the firm and the agreement provides for interest, but does not specify any rate, the rate shall be ________________.

The correct option is A 6% p.a.According to the Partnership Act, 1932 , if a partner as advanced any loan to the firm and if there exist an agreement to the pay the partner, interest on loan. Then the firm will pay interest of loan out of profits or capital at a rate of 6% per annum.

The correct option is A $6 %$ p.a.
According to the Partnership Act, 1932 , if a partner as advanced any loan to the firm and if there exist an agreement to the pay the partner, interest on loan. Then the firm will pay interest of loan out of profits or capital at a rate of 6% per annum.