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In the absence of an agreement, partners are entitled to:
- a)Salary
- b)commission
- c)Interest on loans and advances
- d)Profit share in capital ratio
Correct answer is option 'C'. Can you explain this answer?
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In the absence of an agreement, partners are entitled to:a)Salaryb)com...
As per the partnership act, if the partnership deed is silent about the things mentioned above so in that case the partners are not entitled for any salary or interest on capital , but as per the provision even if the partnership deed is silent the partner is entitled for an interest @6% on loan or any advance given by him to the firm
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In the absence of an agreement, partners are entitled to:a)Salaryb)com...
Yes it is right .As per the partnership ACT if the partnership deed is silent about the things mentioned above so in that case the partners are not entitled for any salary or interest on capital , but as per the provision even if the partnership deed is silent the partner is entitled for an INTEREST @6% on loan or any advance given by him to the firm
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In the absence of an agreement, partners are entitled to:a)Salaryb)com...
In the absence of partnership deed partners entitled to get interest @ the rate of 6% p.a. on the loan given by partner besides capital
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In the absence of an agreement, partners are entitled to:a)Salaryb)commissionc)Interest on loans and advancesd)Profit share in capital ratioCorrect answer is option 'C'. Can you explain this answer?
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