Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Accounting for Partnership

Question:
In the absence of Partnership deed, partners are entitled to which of the following ?
Options:
Salary
Interest on Drawings
Interest on Capital
Interest on Loan
Correct Answer:
Interest on Loan
Explanation:
In the absence of partnership deed, partners are entitled to Interest on loan at 6%pa.