When no partnership deed exists, the provisions of the Indian Partnership Act, 1932 apply to the partnership.
According to Section 13(d) of the Partnership Act, 1932, a partner who advances a loan to the firm is entitled to interest at the rate of 6% per annum on such loan amount.
In this case, Ravi has provided a loan of Rs 1,00,000 to the firm. Since there is no partnership deed, he will be allowed interest @ 6% p.a. on this loan amount.
The distinction between "6%" and "6% p.a." is important here. The Act specifically mentions the rate as per annum (yearly), which means the 6% is calculated on an annual basis. If the loan is outstanding for less than a year, interest will be calculated proportionately.
For example, if the loan was given for 6 months, interest = Rs 1,00,000 × 6% × 6/12 = Rs 3,000
The correct answer must include "p.a." to reflect the complete legal provision.