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Question

In the absence of partnership deed:

A
Partners are entitled for any remuneration
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B
Interest is to be charged on drawing
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C
Partners share profit or losses equally
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D
Partners are entitled to any interest on their capital balances
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Solution

The correct option is C Partners share profit or losses equally
1. # All partners will divide profit and loss equally.
2. # If any partner gave loan to firm, partnership firm will give 6% interest on that loan.
3. # No salary is given to any partner for participation in the work of partnership firm.
4. # No interest will be given on the capital of partners.
5. # Partnership firm will not take interest on his given amount in the form of drawing to any partner.

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