Chapter 3: Accounts of Partnership Firms Fundamentals

As per the Indian Partnership Act, 1932, the rate of interest allowed on loans advanced by partners is

In the absence of an agreement, partners are entitled to

Which of the following is the incorrect pair?

In the absence of an agreement among the partners, interest on capital is

When fixed capital method is adopted by a partnership firm, which of the following items will appear in capital account?

Which of the following is shown in Profit and loss appropriation account?

In the absence of a partnership deed, profits of the firm will be shared by the partners in

Profit after interest on drawings, interest on capital and remuneration is Rs. 10,500. Geetha, a partner, is entitled to receive commission @ 5% on profits after charging such commission. Find out commission.

When a partner withdraws regularly a fixed sum of money at the middle of every month, period for which interest is to be calculated on the drawings on an average is

Pick the odd one out