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
Answer (1)
9th Jan, 2024
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.
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