In the absence of specific provision in the partnership deed at what rate salary and remuneration would be paid to the partners __________.

at Rs. 15,000 p.m

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at Rs. 20,000 p.a

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Nil

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at Rs. 10,000 p.m

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Solution

The correct option is A Nil
Under the Partnership act, 1932, the following rules will be applicable in the absence of specific provision in partnership deed.
* No salary and remuneration will be allowed to any partner.
* Profits or losses of the firm will be shared equally.
* Interest on capital will not be allowed to any partner.
* Interest on loan will be allowed at 6%.

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Similar questions

Q. In the absence of specific provision in the partnership deed at what rate interest on advances given by the partners would be allowed _______ .

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

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(ii) Sudhir, a partner, was allowed a remuneration of Rs. 10,000 to carry out dissolution of the firm. He was to bear all expenses of realisation which amounted to Rs. 16,000 were paid by the firm.

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(iv) Anil, a partner, is paid remuneration of Rs. 20,000 for dissolution work. Realisation expenses amounted to Rs. 7,500 were paid by the firm.

(v) Vijay, a partner, paid realisation expenses of Rs 10,000 and these were to be borne by him.

Q. The partnership deed provides for a salary of Rs.7000 per month to partner A. If A withdraws only Rs. 5000 in a month, the remaining Rs. 2000 is __________________________.

Q. Pass Journal entries for the following: cases?
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(b) Ramesh, a partner, was paid remuneration of Rs. 25,000 and he was to meet all expenses.
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