I would like to clear my doubt regarding interest on loan paid to a partner during dissolution of a partnership firm.
According to the indian partnership act 1932 if the partnership deed is silent about the interest rate about the loan by a partner we should consider it 6%. But when i search across the internet i get to see solutions in which interest on loan by a partner is not being calculated in the solution during dissolution of the firm. I would like to know it's treatment keeping CBSE boards pattern in mind.
THANK YOU
CAclubindia
