In the absence of an agreement, Interest on loan advanced by the partner to the firm is allowed at the rate of:

Related MCQs

• If the remaining partner want to continue the business, after the retirement of a partner, a new partnership agreement:
• An incoming partner pays his share of goodwill in cash, and profit sharing ration of old partner is changed, Goodwill be distributed among old partners:
• In the absence of an agreement profit and loss are divided by partners in the ratio of:
• A partners has to pay interest on drawings what is the entry in the personal A/c of the partner?
• Section 37 of partnership act provided interest on the amount left by retiring or decreased partner at:
• At the time of admission of a new partner the firm is:
• Goodwill of the firm is valued Rs. 30000. C an incoming partner purchase ¼ share of total profit Goodwill be raised in the books.
• If a partner takes over an asset of the firm, his capital account:
• A person who declares by word of mouth as partner of the firm is called:
• When a partner dies, firm will receive the: