A and B are partners without any partnership deed. B has given a loan of $\text{Rs. }2,00,000$ to the firm on 1st July 2023. B claims interest on loan @ $10\%\text{ p.a.}$ How much interest on loan will be paid to B for the year ending on 31st March 2024?

In the absence of a partnership deed, the provisions of the Indian Partnership Act, 1932 apply. According to these rules, interest on a partner's loan is allowed at a fixed rate of $6\%\text{ p.a.}$ regardless of any higher claim by the partner.Time Period Calculation:From 1st July 2023 to 31st March 2024 = 9 months.Interest Calculation:
$$\text{Interest}=\text{Principal}\times \text{Rate}\times \text{Time}$$
$$\text{Interest}=2,00,000\times \frac{6}{100}\times \frac{9}{12}=\text{Rs. }9,000$$