suman and sudha were partners in a firm sharing profits equally. their fixed capitals were 50000 and 25000 respectively . the partnership deed provided ioc @12% p.a. for the year ended 31st march 2016, the profits of the firm were distributed without providing ioc
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If the partnership deed specifically mentioned to provide for interest on capital then it has not been followed. It amounts to negligence in performing duty.
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May this is what you want....
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