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Interest on Drawings-Withdrawn in the Beginning of Every Month

In the absenc...

Question

In the absence of an agreement to the contrary, the partners shall _____________________.

A

Be paid salaries

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B

Not be paid salaries

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C

Be paid salaries but only to working partners

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D

None of the above

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Solution

The correct option is B Not be paid salaries
In case the partnership deed is silent, the following rules shall apply:
The partners will share profits and losses equally.
No partner shall be allowed salary.
Interest on capital shall not be payable.

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