In the absence of a partnership agreement, a loan given t...
In the absence of a partnership agreement, a loan given to the partnership by a partner attracts interest of
7%
5%
15%
10%
Correct answer is B
Where there is no agreement betwen the partners, the following must applied:
- there is no interest on capital
- no salary for partners acting in the business
- no interest to be charged on drawings
- profit and loss are to be shared equally
- 5% interest a year on loans made by partners in excess of the agreed capitals
- no partners may introduce a new person without the consent of all existing partners
The accumulative fund of a non-for-profit making organization is ...
Use the following information to answer the given question. \(\begin{array}{c|c} & & N ...
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Which of the following affects the accuracy and authenticity of trial balance? ...
Based on the FIFO method of valuation the total cost of the raw materials issued is ...
Suspense account is used in the correction of ...
The balancing figure in the purchases ledger control account is? ...