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.
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According to INDIAN PARTNERSHIP ACT 1932 these rules will be applicable in case partnership deed is silent.
1. Profits and Losses will be shared equally.
2. No IOC will be given.
3. No IOD will be charged.
4. The interest will be given at 6% p. a.
5. No salary will be given to the partners.
1. Profits and Losses will be shared equally.
2. No IOC will be given.
3. No IOD will be charged.
4. The interest will be given at 6% p. a.
5. No salary will be given to the partners.
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