Question

In the absence of partnership deed what is the rate of interest on loan advanced by partner to the firm is allowed answer in one sentence only

Answer 1

Answer:

According to Indian partnership act 1932, in the absence of agreement, only 6% of interest is allowed on a partner's loan and no interest will be incurred in partner's capital.. (ii) As per the partnership act 1932, in the absence of agreement profit will be shared equally.