intrest on capital

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Querist : Anonymous

Querist : Anonymous (Querist)

16 August 2010 sir ,
while in traning, i hav got a case of partnership firm.
how to calculate interest on capital of a partner if he withdraws 6000 per month also he has paid LIC from his capital . there is no addition or any other transaction.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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16 August 2010 If method of calculating interest is specfied in the deed, as you know, that has to be followed. If not, the rational method, accoring to my understanding,is calculate interest on daily outstanding balance.

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