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Tapan and Mirza are partners in a partnership firm without any agreement. Tapan has given a loan of Rs. 50000 to the firm. At the end of the year, the loss was incurred in the firm. What percentage of interest shall be paid to Tapan by the firm?
29. Tapan and Mirza are partners in a partnership firm without any agreement. Tapan has given a loan of Rs. 50000 to the firm. At the end of the year, the loss was incurred in the firm. What percentage of interest shall be paid to Tapan by the firm?
- 12 % Per Annum
- 14 % Per Annum
- Due to loss incurred in the business, interest cannot be paid
- 6 % Per Annum
Answer: D) 6 % Per Annum
Explanation:
The business firm is liable to pay Tapan an interest of 6% Per Annum, irrespective of profits and losses that occurred.