CUET Preparation Today
In the absence of partnership deed, the partner will be allowed interest on the amount advanced to the firm at the rate of ______p.a. |
5% 6% 8% 9% |
6% |
The correct answer is option 2- 6%. In the absence of any agreement interest on advances by a partner is allowed at 6 percent p.a. and is allowed whether there is profit or not. Interest on loan is a charge and will be provided regardless of profits earned. |
