Question : In the absence of an agreement, partners are entitled to:
Option 1: Salary
Option 2: Profit share in capital ratio
Option 3: Interest on loan and advances
Option 4: Commission
Correct Answer: Interest on loan and advances
Solution : According to the Indian Partnership Act, 1932, in the absence of an agreement in the partnership deed, partners are entitled to: 1. profit in equal ratio, 2. interest on loan @6% p.a. Hence, the correct option is 3.
Question : Which of the following is an appropriation of profit?
Question : Which of the following is not recorded on the credit side of current accounts of partners?
Question : Interest on capital to partners is credited to:
Question : Current Account of the partners should be opened when capital are:
Question : Loss incurred by a partnership firm at the end of accounting year is distributed among
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile