In the absence of a partnership deed, the act stipulates ...
In the absence of a partnership deed, the act stipulates that
An amount should be fixed as salary for partners
Interest on partners loan should be 25%
Interest should not be allowed on partners drawings
Profits and losses should not be shared equally
Correct answer is C
In absence of a partnership deed, a partnership Act cannot allow you to charge interest on capital, you cannot charge interest on drawing, you cannot give any salary to any partner, any rent to any partner, and any commission to any partner. also, you have to share profit in an equal ratio.
Which of the following is a normal account? ...
Which of the following statements is not true? ...
Which of the following is not a profit and loss appropriation account item? ...
\(\begin{array}{c|c} July & 1 & \text{cash in hand, N420, Cash at Bank} & N6,500 \\ &...
Which of the following is a storage device? ...