interest on capital to partner is allowed @ 12% its true or false....
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The statement is false
Reason :
As per partnership act , if partnership deed is silent on interest on capital , then interest on capital is not allowed to partners. And as per act partners decide their rate its their wish and decided mutually . No specific rate given in the act
Therefore intrest on capital is not 12%. Any rate can be decide by partners mutually and mentioned n deed
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nikitabajpai199:
tysm.....its rght
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