How do you treat the following in the absence of partnership deed?what are the provisions of partnership Act Relevant for accounting???
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Profit Sharing Ratio: If the partnership deed is silent on sharing of profit or losses among the partners of a firm, then according to the Partnership Act of 1932, profits and losses are to be shared equally by all the partners of the firm.
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Interest on Partner's drawings: If partnership deed is absent, then as per Partnership Act, 1932, no interest shall be charged to the partners in event of drawing money. 4. Interest on Partner's loan: If partnership deed is absent then the partner is eligible for a 6% interest on loan to the firm.
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