Class 12 Accountancy Accounting for Partnership : Basic Concepts: NCERT Solutions for Question 7
In the absence of Partnership deed, specify the rules relating to the following :
(i) Sharing of profits and losses.
(ii) Interest on partner’s capital.
(iii) Interest on Partner’s drawings.
(iv) Interest on Partner’s loan
(v) Salary to a partner.
(i) Sharing of Profit and Losses In the absence of partnership deed profit the sharing ratio among the pad maw will be equal.
(ii) Interest on Partner’s Capital In the absence of panama peru interest on partners capital will not be given.
(iii) Interest on Partner’s Drawings In the absence of partnership deed no interest will be charged on partners drawings.
(iv) Interest on Partners Loan In the absence of partnership deed if partner gives any loan to the firm he/she will be entitled to get a fixed percentage of interest @6% of annum.
(v) Salary of Partner In the absence of the partnership deed a partner will be entitled for getting any salary for his work even if the others are non working.
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