MyQuestionIcon

2

You visited us 2 times! Enjoying our articles? Unlock Full Access!

Interest on Drawings-Withdrawn in the Beginning of Every Month

In the absenc...

Question

In the absence of partnership Deed, what are the rules relating to:
(a) Salaries of partners,
(b) Interest on partners' capitals,
(c) Interest on partners loan,
(d) Division of profit,
(e) Interest on partners' drawings?

Open in App

Solution

(a) Not allowed;
(b) Not allowed;
(c) 6% p.a.;
(d) Equal;
(e) Not charged.

Suggest Corrections

thumbs-up

1

Similar questions

Q. In the absence of Partnership Deed, what are the rules relation to :
(a) Salaries of partners,
(b) Interest on partners’ capitals
(c) Interest on partners’ loan
(d) Division of profit, and
(e) Interest on partners’ drawings

In the absence of partnership deed, specify the rules relating to the following

(i) Sharing of profits and losses (ii) Interest on partner's capital

(iii) Interest on partner's drawings (iv) Interest on partner's loan

(v) Salary to a partner

Q. In the absence of a partnership deed, the allowable rate of interest on a partners loan account will be:

Q. In the absence of specific provision in the partnership deed rate interest on capital of the partners would be allowed ______ .

Q. In the absence of any provision in the partnership deed, interest on drawings of a partner ___________.

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Calculating Interest on Drawings

ACCOUNTANCY

Watch in App

explore_more_icon

Explore more

Interest on Drawings-Withdrawn in the Beginning of Every Month

Standard XII Accountancy

Join BYJU'S Learning Program

CrossIcon