Question

(v) In the absence of agreement, partners are entitled to :
(a) Salary
(b) Commission
(c) Interest on loan and advances
(d) Profit sharing in capital ratio
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Answer 1

Answer:

A partnership deed is a written legal document to avoid unnecessary misunderstanding, harassment and unpleasantness among the partners in the event of any dispute.

Partners can make or insert clauses in their partnership deed.

In case if partner does not make agreement or deed, then partners are entitled for interest on loans and advances and their profit sharing ratio will be equal. They are not entitled for salary and commission.

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