Question

In the absence of Partnership Deed, the firm can apply Provisions of Partnership Act. Which of
the following is not incorporated in the Partnership Act?

Answer 1

Answer:

In the absence of a Partnership Deed,

(i) Interest on Partner's drawings is not allowed.

(ii) If the partner advances any loan towards the firm, he is entitled to an interest of 6 percent even if the firm is incurring losses.

Explanation:

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