Practicing Success
Which of the following rule is NOT applicable in the absence of a partnership deed? |
Profit and Loss shall be shared equally No Interest is allowed in case of a loan by a partner to the firm No Salary to partners No Interest on Drawings will be charged |
No Interest is allowed in case of a loan by a partner to the firm |
In the absence of any agreement interest on loan by a partner is allowed at 6 percent p.a. |