alleryStart learning →A retired partner's ₹2,00,000 dues stay unpaid a year. He opts for interest at the Act's rate. Amount?
A₹6,000
B₹10,000
C₹12,000
D₹24,000
Answer & Solution
Correct answer: C. ₹12,000
Six percent of 2,00,000 for one year is 12,000.
Keep practising Partnership
Browse all Partnership questions for CA Foundation, or explore more Accounting topics.
Related questions
In an LLP, a partner is not liable for what?A private limited company can have at most how many shareholders?Which is a stated disadvantage of an LLP?An LLP must be audited if its contributions exceed?An LLP must be audited if annual turnover exceeds?What minimum capital is needed to form an Indian LLP?What cap applies to the number of partners in an Indian LLP?An Indian LLP enjoys which feature that an ordinary firm lacks?