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Interest on Drawings-Withdrawn in the Beginning of Every Month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?

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Solution

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

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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 ___________.

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