Question : In the absence of a partnership deed, Interest on a loan of a partner is allowed.
Option 1: @ 6% p.a.
Option 2: @12% p.a.
Option 3: No interest is allowed
Option 4: @ 8% p.a.
Answer (1)
25th Jan, 2024
Correct Answer: @ 6% p.a.
Solution :
Answer =
@ 6% p.a.
In the absence of any agreement, Interest @ 6% p.a. is allowed partners loan to the firm. This rate serves as a standard provision to compensate partners for the use of their funds within the partnership.
Hence, the correct option is 1.
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